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UAE's Economic Substance Regulation (ESR) requires the submission of accurate reports by businesses in order to comply with the law. Non-compliance can incur penalties of between AED 20,000 and AED 400,000. Hence, if a business is fined, it may resort to filing an ESR appeal to challenge the penalties as long as it has good enough reasons, such as mistakes in the penalty assessment or unexpected events preventing compliance. Vigor Accounting & Taxation can help any business that wishes to appeal ESR penalties and fines.
The failure to comply with the ESR may incur penalties that are likely to damage the financial status of a business. Nevertheless, wherein an engagement is filed, a business basically has the right to a reduction or complete waive of these penalties if it succeeds in the appeal.
Fighting an unfair fine helps to uphold the company’s status and reputation. Companies that are upfront in addressing ESR penalties display their determination to stick to the rules and regulations.
Errors in ESR assessments can occur, and filing an appeal allows businesses to address any mistakes that may have occurred during the compliance or penalty assessment process.
When filing an ESR appeal, businesses must provide valid reasons for why the penalty or fine should be reviewed. Common grounds for an appeal include
At Vigor Accounting & Taxation, we guide businesses through the process of appealing ESR penalties, ensuring all steps are followed correctly and all relevant documentation is provided.
Businesses may face several challenges when filing an ESR appeal, including understanding the legal requirements, gathering sufficient evidence, and meeting deadlines. Common challenges include:
At Vigor Accounting & Taxation, we provide comprehensive support for businesses facing ESR penalties and help them successfully file appeals. Our services include
Don’t wait—schedule your free consultation today and take the first step towards transforming your vision into reality!