Excise Tax Health Check to Ensure Compliance
Avyanco’s excise tax experts conduct periodic health checks and help you remain compliant. Connect with us today.
Regular Excise Tax Health Checks to Tackle Regulatory Struggles
The UAE has introduced the excise tax in 2017 on certain products. In 2019, the scope of excise tax was expanded to include more products. This change has affected many business aspects of companies, including margins, pricing, cash flows, documentation, bookkeeping, IT systems, demand for the product, contract terms, and compliances.
Hence, companies must first ensure that excise tax will be levied on their products or not. If yes, they have to fulfil many requirements, such as making representation to the governing bodies, filing returns, and analysing the overall impact of the tax.
Avyanco conducts excise tax health checks to ensure the taxability of your products. Our experts make sure your business is in compliance with the excise tax regulations.
What are Excise Goods in the UAE?
Excise tax is applicable on goods that are considered harmful to the human body or nature.
Excise tax is levied on the following goods -
|
Excise Goods |
Tax Rate |
|
Tobacco and tobacco products |
100% |
|
Electronic smoking devices and tools |
100% |
|
Liquids in electronic smoking devices and tools |
100% |
|
Energy drinks |
100% |
|
Carbonated drinks |
50% |
|
Sweetened drinks |
50% |
Use Avyanco’s Excise Tax Health Check Services to Remain Compliant & Avoid Any Penalty
Ensuring the taxability of products and maintaining statutory compliance can become a little tricky for companies. In such a scenario, unannounced tax audits may create inconvenience.
If you present a wrong set of data mistakenly, it could result in fines and penalties. Hence, a business needs proper guidance to avoid losing margins or business in the form of penalties or fines.
Avyanco, with its team of excise tax specialists, conducts regular excise tax health checks to ensure your business is following all laws and regulations. Our dedicated experts have many years of experience in the industry.
Our team reviews all the information to ensure it's 100% accurate and that your business is running in compliance with FTA. We help you stay prepared for unannounced audits and ensure your documents are updated for health checks.
