If non-resident shareholders of an entity have transferred their shares to the residents during the reporting period, then whether that entity is required to submit the FLA return?

Annual FLA return requirement waived when non-resident shareholders transfer shares and no FDI outstanding at year-end.

An entity need not file the Annual Return on Foreign Liabilities and Assets if all non-resident shareholders transferred their shares to residents during the reporting period and the entity had no outstanding inward or outward FDI as at the end of the latest financial year; both conditions must be satisfied to remove the filing obligation.