In the United Arab Emirates, businesses that deal with specific goods and services that harm human health and the environment must pay excise tax. This indirect tax is levied by the government in order to control consumption and raise funds for public welfare. To ensure compliance with excise tax regulations, Bestax Chartered Accountants offers the best Excise Tax Consultancy Services in Dubai to help businesses register and stay in compliance. We have a team of experts who can advise you on the best way to manage your excise tax obligations so that you can avoid heavy fines and keep your business running smoothly.
Excise tax is a type of inland tax that the UAE government imposes on the sale, purchase, and production of specific goods and services. These products harm human health and the environment. Businesses must pay special attention to excise tax regulation to stay legitimate in the market and avoid heavy fines. Bestax Chartered Accountants can help you with our excise tax registration and compliance services. We will make sure that your business is operating within the confines of the law and advise you on the best way to manage your excise tax obligations.
The UAE’s Excise Laws
Excise laws in the UAE are enforced by federal tax authorities (FTA) who are responsible for compliance obligations on excisable items in the United Arab Emirates. The excise tax legislation went into effect in the UAE on October 1, 2017, when it was approved by FTA. On December 31, 2019, they amended the code to incorporate additional taxable things. The financial authority of Dubai, known as FTA, performs audits of taxed businesses and fines those that do not comply with the excise law.
All taxable persons (who are involved in the business of Excise Products) in Dubai now have to register for the Excise Tax. BestaxCA is a group of chartered accountants and auditors that provides efficient excise tax services according to UAE legislation. We help businesses with the entire registration process and make sure that they are compliant with all the rules and regulations.
In order to register for excise tax, businesses must first obtain an excise registration certificate from FTA. The certificate is valid for one year and can be renewed annually. Businesses must also ensure that they have a valid trade license and meet all the other requirements set by FTA.
After registering for excise tax, businesses will need to file monthly returns by the 15th of every month. The return must include details of all the excisable products sold, imported, or manufactured in the previous month. Businesses must also pay the excise tax due on these products every month.
Filing late returns or failing to pay the excise tax due on time can result in penalties. Therefore, it is important for businesses to keep track of their excise tax obligations and ensure that they are compliant with the rules. Our Excise Tax Consultancy Services in Dubai can help you with this by providing you with timely and accurate advice.
Excise Duties May Apply to These Products
The main aim of the excise tax is to raise revenue for the government by taxing certain products.
Some of the products that are commonly taxed through excise taxes include alcohol, gasoline, cigarettes, and even sugary drinks. These items are taxed because they are considered “sinful” or “unhealthy” by many people. By taxing these items, the government is able to discourage people from consuming them.
If you are a business owner who manufactures or sells any of these products, it is important for you to be aware of the excise tax rates. Failure to comply with the taxation rules can result in hefty penalties. Our Excise Tax Consultancy Services in Dubai can help you navigate the complex world of excise taxes and ensure that you comply with all the relevant rules and regulations.
We can also help you minimize your tax liability by claiming all the eligible exemptions and deductions. Our team of experts has extensive experience in handling excise tax matters and can provide you with the best possible solution.
Businesses That Should Register With FTA:
These are the following businesses that should comply with UAE excise tax legislation and register with FTA:
- Excise goods manufacturers
- Excise tax importers
- Excise Storehouse Keeper
- UAE Stockpilers
Denouement: The UAE’s excise tax laws are complex and ever-changing. Therefore, it is important for businesses to seek expert advice in order to ensure compliance. Our Excise Tax Consultancy Services in Dubai can help you with this by providing you with timely and accurate advice. We can also help you minimize your tax liability by claiming all the eligible exemptions and deductions. Contact us today to learn more about how we can help you with your excise tax obligations.