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 124.19 321,856
SABIC 98.06 3,348,291
BURUJ 31.64 328,597
STC 68.62 292,964
EEC 15.40 357,153
ALMARAI 57.75 575,612
TAWUNIYA 98.99 177,082
Fitch Affirms Industrial Bank of Kuwait at 'A+'; Outlook Stable

17/10/2017

Fitch Ratings has affirmed Industrial Bank of Kuwait's (IBK) Long-Term Issuer Default Rating (IDR) at 'A+'; the Outlook is Stable. Fitch has also affirmed the bank's Viability Rating (VR) at 'bb+'. A

Press Release

Abu Dhabi to invest $1bn in India fund

17/10/2017

The Abu Dhabi Investment Authority (ADIA) has committed an investment of up to $1 billion to India's National Investment and Infrastructure Fund (NIIF), according to a report.

ADIA will be

Trade Arabia

Public Investment Fund to Establish Recycling Sector Company

17/10/2017

Saudi Arabia’s Public Investment Fund (PIF) announced on Monday planning to establish the Saudi Recycling Company, a new waste management government enterprise aiming to support and operate the PIF

Asharq Al-Awsat

UAE diamond financing market grows to Dh5.5 billion

17/10/2017

The UAE's diamond financing industry has grown by nearly 200 per cent over the last few years and is now nearing maturity, said a UAE banker on Monday.

Davy Blommaert, unit head - precious

Khalej Times

Top 10 projects 'plug $21bn into UAE construction market'

17/10/2017

The top 10 ongoing projects in the residential building sector are contributing an estimated $21.6 billion to the UAE construction market, said a report released ahead of The Big 5 expo in Dubai.

Trade Arabia