VAT can feel confusing on its own, and when you add financial services to the mix, things get even trickier....
The excise tax will come into effect from 1st October 2017 under which all businesses dealing with the supply of excise goods will have to get registered for it. Goods that are considered unhealthy for human consumption and harmful to the environment are considered as excise goods. Businesses supplying such goods will have to complete their excise registration as per the FTA's guidelines. In case a firm is not registered for excise tax, it'll be subjected to heavy penalties.
Excise Tax shall be applicable on the following Excisable Goods in UAE:
Out of above, excise tax is applicable at 100% to Tobacco and tobacco products, Liquids used in electronic smoking devices and tools, Electronic smoking devices and tools (w.e.f. 1.12.2019)
Energy drinks. Carbonated and sweetened drinks are charged with excise duty of 50%
For UAE Companies, it's important to be compliant with the UAE excise tax laws and regulations not only to avoid fines but also to efficiently manage their tax planning and cash flows. To cope up with the challenges related to excise tax or any other related issue, We Shuraa Tax Accounting & Auditing can assist you with reliable advisory support from a tax agency.
Shuraa Tax Accounting & Auditing is a leading tax firm in Dubai which is leading its way through all the other tax agencies in the UAE by providing a wide range of accounting & taxation services
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