Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia9 hours ago
Cigarettes, energy and soft drinks are going to be expensive as the UAE is all set to implement Excise Tax on October 1, 2017.
The Federal Tax Authority on Wednesday announced that the authority is all set to implement Excise Tax in the country from next week.
On October 1, the excise tax will go into effect at a rate of 100 per cent on tobacco and energy drinks that include stimulants or substances that induce mental or physical stimulation, such as caffeine, taurine, ginseng and gaurana. The tax also will go into effect on soft drinks, at a rate of 50 per cent.
As per the Federal Decree-Law No (7) of 2017, Excise Tax will be charged on production of excise goods in the UAE, import of excise goods in the UAE, release of excise goods from a designated zone and stockpiling of excise goods in the course of conducting business. Excise tax available in a registered designated zone will not be charged excise tax until released from the zone.
The new law mandates that businesses must be registered via the Federal Tax Authority's interactive website. From October 1, any business not registered for tax is prohibited from conducting above activities in the country.
The authority also advised the businesses to keep records audited by an auditor certified in the UAE that excise goods stock available on October 1, 2017.
Below are important points about Excise Tax:
Price after Excise Tax
- 930 on tobacco products
- 930 on energy drinks
- 50% on carbonated drinks
Where Excise Tax will be charged
- Production of excise goods in the UAE
- Import of excise goods in the UAE
- Release of excise goods from a designated zone
- Stockpiling of excise goods in the course of conducting business
What businesses should need to know about Excise Tax
1. Keep records audited by an auditor certified in the UAE
2. Violations of the Excise Tax legislation will be subject to penalties
3. Excise goods in the registered designated zones will not be charged until released from the zone
4. A designated zone, either a fenced free zone or any warehouse in the UAE, and a warehouse keeper may be registered from October 1, 2017
5. Businesses will have to registered themselves for Excise Tax
6. Every person registered for Excise Tax will have to submit a return for all transactions within the tax period (one month) within 15 days after the tax period
7. A producer of Excise goods will need to complete a monthly declaration stating the excise goods produced, the quantity and the destination
- business@khaleejtimes.com
Related news:
Worried UAE smokers stock up on cigarettes to beat price hike
Authorities thrash out details for applying excise tax in October
VAT IN UAE: All that glitters is... taxable (will that apply in the UAE?)
Countdown begins as UAE starts online registration for excise tax
UAE Cabinet okays VAT, excise tax regulations
Those who do not have permits will be directed to return to their point of origin, the Directorate of Public Security said
asia9 hours ago
Nijjar, 45, was shot dead outside a Sikh temple on June 18 in Surrey, a Vancouver suburb
world9 hours ago
The two-time Grand Slam champion, who won the US Open in 2022 and Wimbledon last year, turns 21 on Sunday
sports9 hours ago
Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
mena9 hours ago
In another case at the same airport, officials apprehended five foreign nationals who tried to smuggle gold worth Rs.24.4 million
asia10 hours ago
More than 2,000 pro-Palestinian protesters arrested in the past two weeks across the US
americas10 hours ago
Fireballs and Smash tied for the lead in the team event at the $25 million 54 hole tournament
sports10 hours ago
The hosts strengthened their chances of securing a slot in the semifinals with a 70-run victory in Abu Dhabi
sports11 hours ago