According to recent reports, the UAE Cabinet of Ministers released Cabinet Resolution No. (98) of 2024 in September 2024, which amends Cabinet Resolution No. (57) of 2020 on economic substance requirements. The amendments provide that the application of the economic substance requirements under Cabinet Resolution No. (57) of 2020 are limited to the fiscal years starting from 1 January 2019 to the fiscal year ending on 31 December 2022. As such, licensees and exempted licensees are no longer required to submit economic substance notifications and reports for the fiscal year ending after 31 December 2022. The reason for this is...