Not every kid is meant to go to university or college. So, it makes sense to teach them entrepreneurial skills early
The scheme is set to be implemented in collaboration with the relevant authorities to ensure a single integrated set of procedures is rolled out, guaranteeing the protection of rights and responsibilities of taxable persons, as well as ensuring transparency with regards to the procedures that regulate their relationship with the authority.Penalties
The Federal Tax Authority asserted that penalties will also be imposed on persons who tamper with the stamps placed on these goods, or persons who print on top of them. Furthermore, penalties will be imposed on those who fail to declare the transfer of excise goods, as well as on persons who fail to comply with the safe-storage requirements for the stamps; who undertake unauthorised trading, exchange, sale or supply of stamps and who re-use previously used stamps.Why a Digital Tax Stamp?
"The UAE is the first country in the region to implement a Digital Tax Stamp Scheme for tobacco products - the most advanced of its kind in the world," he added.
In the statement issued today, the authority explained that the Cabinet decision outlined the procedure to be followed to apply the stamps on tobacco products and indicate that the due excise tax has indeed been paid. The stamps must be applied on specific products, and in the exact position determined by the authority, which was also authorised to determine cases where the stamps are not required. The decision stipulates that the stamps are to be placed onto excise goods (after packaging) at the facility where they are produced (if manufactured in the UAE), or at a location outside the country prior to importing them.Placement and supply of stamp
As for the procedures surrounding the supply of the stamps, the decision requires the importer or local producer to issue an order to purchase the stamps according to procedures pre-determined by the authority, indicating that the approved supplier must supply said stamps to the importer or local producer in accordance with procedures agreed upon between the approved supplier and the FTA. No other individual may trade, exchange, sell or supply these stamps; importers across the UAE may request the approved supplier to supply the stamps directly to the specific producer of excise goods, which may include foreign producers.
The cabinet decision specified mechanisms for tracking and identifying the origin of specific excise goods (tobacco and tobacco products), indicating that importers/local producers/persons designated in the supply chain must keep records of the transfer of all excise goods to and within the UAE during the period in which they are in possession of these goods. This includes (but is not limited to) the entry of said excise goods into the possession of the importer/local producer/Person designated in the supply chain, as well as the gradual transfer of these goods within the UAE, until they exit the possession of said importer/local producer/person designated in the supply chain.
Not every kid is meant to go to university or college. So, it makes sense to teach them entrepreneurial skills early
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