His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued a Federal Decree-Law on Excise Tax, which will be imposed on selected products, as determined by the Council of Ministers and recommended by Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, and Chairman of the Federal Tax Authority, FTA. Outlined in this alert are the 10 imperative elements which businesses need to be aware of.
With the increase of Excise Tax taking effect from 1st October 2017 in the UAE, producers, importers, warehouse keepers and stockpilers are urged to familiarise themselves with the regulation. Excise law has demarcated an exclusive class of persons being stockpilers, who shall be obligated to maintain certain records and upon fulfillment of certain conditions, register and pay Excise tax on stock of excisable goods held by them as at 1 October 2017. To find out more download our brief alert.
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