Navigating Excise Tax Compliance
Excise Tax is a single-stage indirect tax imposed on specified goods. Members of the Gulf Cooperation Council (GCC) have executed the Common Excise Tax Agreement that entitles each member state to adopt a common Excise Tax system. Under the common Excise Tax system, member states are authorised to levy Excise Tax at different rates on goods deemed harmful to human health or the environment, as well as on luxury goods.
The Federal Tax Authority (FTA) rolled out a new electronic system for registering excise goods and new reporting requirements related to Excise Tax returns along with declarations to ensure the transparency and accuracy of every movement of excisable goods. Managing Excise Taxes and recognising opportunities to lessen their load on the overheads is crucial for all businesses.
For companies that seek to surmount their Excise Tax Compliance challenges, MNA Corporate Services presents a multitude of Excise Compliance services in tune with the changing regulatory landscape. Excise Tax Compliance procedures include Declaration and Tax Returns. A business has to file Declarations in order to declare and pay Excise Tax depending on the nature of the business transaction. Furthermore, Excise Tax Returns will be auto-populated based on the declarations submitted for that tax period.
Our dedicated team helps clients manage Excise Tax and adhere to the regulatory guidelines. We aim to prevent compliance failures and ensure that our clients are always protected from any potential non-compliance risks.
