Excise Tax Implementation & Training in UAE.
In October 2017, the United Arab Emirates announced for the first time an excise duty on certain goods. It applies to more than 1 700 goods that are harmful to the environment or human health. These goods include energy or carbonated drinks, electronic smoking devices, alcohol, tobacco, and other related products.
Every company dealing in these types of goods must comply with the excise duty requirements under the Tax Procedures Act. The UAE tax regime is amended from time to time in line with the latest business requirements. Our tax consultancy services will provide you with professional excise duty implementation and training in the UAE to facilitate your compliance with FTA tax rules and guidelines.
Scope of excise duty in the UAE
The introduction of excise duty in the UAE is not only a means of generating revenue for the government but also aims at reducing the consumption of unhealthy products. Regulators have a duty to reduce the availability of harmful products on the market. This initiative was implemented to indirectly control the health problems of the population and to promote healthy lifestyles throughout the Emirates. All organizations are therefore required to comply with excise duty in the UAE and ensure that their corporate social responsibilities are met.
Also, Check: Excise Pre-Audit Health Check
Our excise duty implementation in Dubai
BestaxCA offers a range of excise duty implementation services in the UAE. The aim is to ensure that your company does not receive a penalty from the federal tax authority for non-compliance with tax laws. Below we will look at our excise duty consultancy services:
Excise tax planning and advice
Excise tax planning is really important to effectively implement all FTA regulatory requirements. Our tax experts reduce the excise tax burden of our clients and at the same time ensure tax savings in the UAE. Our team performs feasibility analysis and evaluates certain tax credits and deductions throughout the year. Excise tax planning includes specific strategies and policies to manage excise tax liabilities. With our tax consultants in Dubai, you can get comprehensive assistance in excise tax compliance services in accordance with FTA standards.
Find out if products are taxable
If you sell excisable goods, you must pay the correct amount of excise duty to the UAE government. With BestaxCA, you can determine which of your products are exempt from excise duty, and the applicable excise duty rate and calculate the exact amount of excise duty. We will check the accuracy of your physical stock using a digitized inventory. This will help businesses avoid unnecessary FTA sanctions and penalties.
Excise registration/recording support
Our professionals provide unlimited assistance to all business entities in excise registration and cancellation services in the UAE. We assist taxpayers throughout the FTA procedure in accordance with regulatory requirements. Tax consultants prepare your financial documents for tax registration / de-registration without any hassle. Checking all excise documents At each stage of the excise duty implementation, the FTA requires a number of documents and related information in order to examine your excise duty claim.
These documents must be free of errors and verified to ensure that operators are not penalized for an incorrect or late submission. A team of tax consultants will review all documents related to excise goods and assess whether the documents have been retained in accordance with UAE tax laws.
Updating IT systems
We assess the functionality of your IT system to determine if it is capable of managing and calculating excisable goods. If there seems to be a problem, our excise consultants will direct you to the most appropriate accounting software for your business. Bestax chartered accountants are connected to leading accounting software to calculate your excise duty perfectly. We are an authorized partner of Zoho to efficiently generate tax invoices, stock management reports, reconciliation reports, and other accounting reports.
Prepare your excise tax report
BestaxCA professionals prepare and verify your excise tax report in accordance with UAE tax laws. We prepare your excise returns, refunds, voluntary disclosures, and reconciliations. For each entry, our tax experts ensure excise compliance and prepare an audit report prior to the FTA examination. We have many years of experience in excise tax advisory and compliance services.
Our excise tax training and understanding
Employee training is a critical step in ensuring the success of your excise journey. Bestax chartered accountants and tax consultants offer excise tax training and awareness programs. We strategically develop modules for excise implementation in the UAE to help companies comply with the latest excise laws. Excise training aims to inform employees of the latest excise duty requirements set by the FTA. In this program we demonstrate some of the key factors such as:
- Define excise duties for importers and manufacturers
- Briefly discuss the latest excise duty rates
- Help them identify tax risks and their solutions
- Explain customs information requirements
- Explain the FTA guidelines on excise goods
- Provide guidance on the excise duty registration and declaration process, etc.
Excise training teaches staff how to handle excise-related transactions at a high level. However, a trained team of employees can efficiently handle tax accounting, which ultimately affects the profitability, compliance, and reputation of the organization.
BestaxCA excise consultants
BestaxCA always welcomes clients for professional excise implementation and training in the UAE. In line with FTA guidelines, our experts provide policies that employees can use to successfully implement excise laws. With our diverse portfolio of tax consultants, we can ensure the accuracy of excise compliance and make amendments to ensure more effective implementation. If you have any questions or concerns, feel free to contact our excise tax consultants!