28/09/2017 05:23 AST

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

Ticker Price Volume
QNBK 127.00 43,799
TECO 33.36 470,532
TAWUNIYA 72.97 413,634
BURUJ 35.17 343,045
SABIC 104.61 3,002,041
WALAA 34.01 268,263
ALOTHAIM 144.86 25,439
Kingdom’s Vision 2030 treasure for the meeting industry in Saudi Arabia

22/02/2018

The Kingdom has witnessed big improvements in the meetings industry, compared to previous years. It is an undeniable fact the role the Kingdom plays not only in the region but in the world politicall

Saudi Gazette

New Islamic economy products unveiled in Dubai

22/02/2018

Three new and unique solutions were launched in Dubai Wednesday at the 3rd Session: International Innovative Platform for Islamic Economy Products (IIPIEP 2018). The event, which was organized by Dub

Saudi Gazette

IDB launches digital platform for sustainable development

22/02/2018

The Islamic Development Bank (IDB) launched in the UK on Tuesday a digital platform called Engage, which will promote technological and scientific solutions to accelerate progress toward the UN’s sus

Arab News

Bahrain will go ahead with VAT, says finance minister

22/02/2018

Bahrain will go ahead with imposing a value-added tax (VAT) to strengthen state finances, Minister of Finance Sheikh Ahmed bin Mohammed Al Khalifa said on Wednesday, after domestic political oppositi

Times of Oman

Oman’s non-oil exports surge by 28% to OMR2.6b

22/02/2018

The value of Oman’s non-oil exports touched OMR2,600.8 million in the first 10 months of 2017, 28.2 per cent up from the OMR2,028.4 million registered in the same January to October period of the pre

Times of Oman