GulfBase Live Support
All is set for the planned Excise Tax which goes into effect at the beginning of October 2017. This was announced in Dubai on Wednesday by the Federal Tax Authority (FTA).
The new tax will be imposed on carbonated drinks by 50 per cent, and tobacco products by 100 per cent and energy drinks by 100 per cent. The tax affects specific “Excise” goods that are produced in the UAE, imported into it or stockpiled in the Emirates, as well as excise goods released from a designated zone. The Excise Tax will be applied as per the Federal Decree-Law No. (7) of 2017 on Excise Tax and Cabinet Decision No. (37) of 2017 on the Executive Regulation of said Decree-Law, which was approved by the Council of Ministers on September 13, 2017, in a meeting chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
To obtain a transaction number, the Authority stated at the conference, individuals or businesses would declare the Excise Goods being imported, as well as the quantity and the port of entry using the e-services on the FTA’s website. The Tax will, in this case, be payable at the same time as the Excise Tax return is submitted, i.e. within 15 days of the end of the month (the tax period) in which the import took place. For a person not registered for Excise Tax, the portal will request payment; the transaction ID will then be issued upon settling the due tax.
The FTA also pointed out that any person who imports Excise Goods into the UAE would need to provide a transaction ID to the Customs Department at the port of entry, stating that the shipment has been duly declared for Excise Tax purposes. Without this transaction ID, the customs official will not clear the shipment. As for those producing Excise Goods, the Authority revealed that they must complete a monthly declaration stating the Excise Goods produced, the quantity and the destination (were these released for consumption or kept in a designated zone in tax suspension).
The Gulf Today
The Islamic Corporation for the Development of the Private Sector (ICD, Aa3 stable) benefits from a robust capital position and strong liquidity, although its weak asset quality remains a challenge,
Governor of the Saudi Customs General Authority Ahmad bin Abdulaziz Al-Hakbani visited Jadidat Arrar Customs Port on Sunday (Aug. 4, 2018) to oversee preparations taking place for welcoming Haj pilgr
The UAE, which leads the Arab region in terms of competitiveness, and is home to many tech firms, needs to increase efforts to expand the use of latest digital technologies to further enhance its dom
Banks operating in the UAE will observe a four-day holiday on the occasion of Eid Al Adha. The Central Bank of UAE (CBUAE) has notified banks that the holidays will start on Monday, August 20, and th
Qatar pledged $15 billion (Dh55.09 billion) of investment in Turkey that will be channeled into Turkish financial markets and banks, a government source told Reuters yesterday. The investment package