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Excise tax is a form of indirect tax levied on specific goods called “excise goods” which are typically harmful to human health or the environment. The Excise tax was introduced across the UAE in 2017.
The purpose of levying excise tax is to reduce the consumption of unhealthy and harmful commodities as well as to raise revenues for the government that can be spent on beneficial public services. Ultimately, consumers need to pay more for goods that are harmful to human health or the environment.
Under the UAE Federal Decree-Law No. 7 of 2017 on Excise Tax, it is the responsibility of a business to register for excise tax. The deadline for registration for companies was November 30, 2019. The deadline for registration of stocks is January 15, 2020.
It is advisable that a Taxable person engaged in activities relating to excise goods such as tobacco products, carbonated drinks, and energy drinks should empower an audit firm to get professional advice on Excise Tax issues.
Flyingcolour Accounting & Taxation Consultancy is one of the leading accounting, tax, and bookkeeping services providers, who provide excellent excise tax advisory services in UAE to its clients and ensures that the clients comply with the tax law.
Flyingcolour® assists in all types of accounting, bookkeeping, value added tax (VAT) related advise and VAT return filing, issues related to Federal Tax Authority (FTA), Economic Substance Regulation (ESR) related matters, monthly account related reporting to management (MIS), payroll services, excise and custom related claims and high quality outsourced CFO services through our team of experienced chartered accountants. We have attractive customized monthly accounting packages.
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