Excise Tax Services
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 primary purpose of the excise tax is to reduce the consumption of those goods to restrict unhealthy practiceswhile also raising revenues for the government that can be spent on public services. These goods are taxable if they are imported into the UAE, manufactured in the UAE, or stockpiled in the UAE.
The UAE, Excise Tax is currently applied on the following goods:
- Tobacco and tobacco products
- Liquids used in electronic smoking devices and tools
- Electronic smoking devices and tools
- Carbonated drinks (note that this excludes sparkling water)
- Energy drinks
- Sweetened drinks.
It is important to understand any potential obligations you or your business may have in respect of the UAE Rules and Regulations on Excise Tax.We as a leading accounting and tax firm providing support in evaluating implications of Excise Tax Law on the business operations including ascertaining whether product is subject to Excise Tax, Impact on Valuation for levy of tax, ascertaining rate of tax, etc.Given below are the Excise Tax Services offered by Broadway:
- Performing industry focused business reviews to ensure that Excise Tax risk are identified
- Assessment of Eligibility and Obligation towards Excise Tax Registration
- Excise tax planning and preparations by Identifying savings opportunities.
- Undertake periodic compliances
- Filing of excise tax declarations and filing clarifications
- Assistance in submission of Voluntary Disclosures or replying to FTA Communications on Excise Matters.
- Consultation services in matters such as Documentation, Stock Taking, Tax Calculations, etc.
- Providing flexible and scalable approaches to comply with your changing global structure and needs
- Providing Excise Tax training to staff and legislative updates
Handling Excise Tax efficiently will help you and your business to minimize the risk of non-compliance while ensuring an effective management of the Excise Tax liability using the available exemptions, refunds, suspension cases and customs reliefs.