What is Excise Tax ?
Excise Tax in UAE is an indirect tax levied on certain good that are not good to human health or the environment. The intent of the tax is to reduce consumption of these goods with increasing revenues for the government that can be spent on beneficial public services. In UAE, Excise Tax has come into effect on 1 October 2017 by virtue of Federal Decree-Law No (7) of 2017, passed by its President.
Excise Tax will be levied upon Carbonated drinks, Energy Drinks and Tobacco as and when these goods are ‘released for consumption’ i.e. when they enter free circulation in the UAE. Producers, Importers, Stockpilers, Warehouse keepers of excise goods will need to register with the FTA and submit excise tax returns on a monthly basis Pay the excise tax due on excise goods.
Why choose Professional Accounting Services ?
There will be need of professional Excise consultant to understand complete law, regulation relating with excise tax. To prepare your business for the economic impact of new legislation released by FTA and complying with these legislation