Excise Tax Advisory Services in Dubai, UAE
The introduction of excise tax in the UAE in 2017, every single person conducting the business of specific products which are considered to be harmful to human health and environment need to pay a tax to the Government. The excise law is applied to products described in the excise goods category, including tobacco, energy drinks, carbonated drinks, etc. BOOKBLISS is one of the leading accounting and bookkeeping firm, which offers excise tax advisory services in the UAE to help business with tax auditing and payment. By availing proper tax consulting services, you can ensure if the reported excise tax liability is accurate and submitted to the authority within the date mentioned by the tax authority.
Excise Tax Advisory Services
Bookbliss Finance offers comprehensive excise tax advisory services to assist businesses in navigating the complexities of excise tax regulations. Excise tax is levied on specific goods deemed harmful to human health or the environment, such as tobacco products, energy drinks, and carbonated beverages.
Key Aspects of Excise Tax Advisory Services
- Excise Tax Registration: Guidance through the registration process with the Federal Tax Authority (FTA), ensuring compliance with all regulatory requirements.
- Tax Liability Assessment: Accurate calculation and assessment of excise tax liabilities to ensure correct reporting and payment.
- Return Filing Assistance: Support in preparing and submitting excise tax returns within the stipulated deadlines to avoid penalties.
- Compliance Review: Regular audits and reviews to ensure ongoing compliance with excise tax laws and regulations.
- Advisory on Exemptions and Reliefs: Expert advice on available exemptions, reliefs, and refund mechanisms applicable to your business operations.
F A Q
Frequently Asked Questions on Excise Tax Advisory Services
What do you understand by excise tax?
Excise tax introduced in 2017, is an indirect tax imposed only on ‘excise goods’ which includes, carbonated drinks, energy drinks as well as a tobacco and its products. These goods are harmful to humans and also the environment. Excise tax is also imposed on sweetened drinks, electronic smoking devices and tools and the liquids in it.
Do all the goods that come under ‘excise goods’ have the same excise tax rate?
No. Unlike VAT, different categories are subject to different excise rate.
Who is liable to register for excise tax?
Businesses that are engaged in (1) importing of specified goods into UAE, (2) producing and distribution for the consumption of these excise goods in UAE, (3) stockpiling in UAE on certain occasions, (4) warehouse keeper responsible for supervising the concerned warehouse or zone.
Are samples also subject to an excise tax?
Yes, they are. Tax will be due once the goods are available for consumption; regardless of whether the goods are released in retails or free zones. Bad debt relief is also not provided.
List of items that are subject to an excise tax?
The items that are subjected to an excise tax are (1) tobacco products, (2) energy and carbonated soft drinks, (3) specific purpose goods.
What is the effect of excise tax on prices?
Businesses will have to adjust their prices accordingly as per the decisions taken by the management.