The United Arab Emirates Ministry of Finance has updated its guidance on Economic Substance Regulations (ESR), including a new section on L. of its FAQ providing additional information. Some of the main questions and answers provided in the new section include the following: Why should a business comply with the Economic Substance requirements? If you are within the scope of the Economic Substance Regulations (see Section B), you must submit a Notification and Economic Substance Report, and meet the Economic Substance Test. Failure to do so will result in penalties (see Question 48). The business activities that I undertake do...