Tourism minister Ahmed Al Khateeb says all the kingdom's projects are far away from the conflict
mena1 hour ago
The Federal Tax Authority (FTA) has announced launching a new electronic tracking system which uses digital tax stamps to ensure excise tax on tobacco products has been paid.
Set to go into effect in early 2019, the system seeks to combat tax evasion and commercial fraud, supporting the FTA's efforts to successfully implement excise tax systems and verify payment of excise tax on tobacco products.
An awareness meeting was headed by FTA director-general Khalid Ali Al Bustani and attended by local and international producers and importers of tobacco, along with representatives from the Authority and the global company that operates the system, which specialises in manufacturing digital tax stamps for tobacco products.
"The authority has made great progress in implementing the new system based on best international standards," Al Bustani noted.
"The system will include integrated electronic tracking mechanisms at customs and across the supply chain around the UAE. It is set to be rolled out in the near future in coordination with the customs departments, as well as economic development departments and manufacturers and importers of tobacco products."
The FTA director-general urged all companies operating in the tobacco manufacturing and supplying sector - which are subject to excise tax - to comply with the new system and its requirements, and to cooperate with the authority to implement it and ensure widespread compliance with UAE tax laws and regulations to avoid administrative penalties.
The UAE has implemented a world-class tax system, Al Bustani explained.
- business@khaleejtimes.com
Tourism minister Ahmed Al Khateeb says all the kingdom's projects are far away from the conflict
mena1 hour ago
A wave of exceptionally hot weather has blasted the region over the past week, sending the mercury as high as 45 degrees Celsius
asia1 hour ago
This was following a Reuters report that some senior US officials did not find Israel's assurances credible
world1 hour ago
Chinese Premier Li Qiang promises to Musk that the country will always be open to foreign firms
auto2 hours ago
Prevailing market trends, investment opportunities and growth strategies instilling confidence in stakeholders navigating Dubai's dynamic landscape
realty2 hours ago
Both parties must be taxable; or become taxable as a result of the transfer
business2 hours ago
Israel's foreign minister says Rafah incursion could be suspended should a deal emerge to release the hostages
mena2 hours ago
The authority is currently taking measures to prevent any unsafe products from reaching the market
uae2 hours ago