Why choose RBS auditing for Excise Tax consultancy?

Excise_Tax

Are you wondering about outsourcing your food and beverage business to Dubai, UAE but are not familiar with the rules and regulations regarding the tax? Here is everything you need to know about the Excise Tax Registration and Return Filing services in UAE. Initially, on 1st October 2017, the excise tax was applicable only on specific goods according to the Excise Tax Federal Decree-Law No. (7) of 2017, but after two years in 2019, a few more goods got added to the list of excise tax products.

 

The products which are entitled to Excise tax include –

 

  • Carbonated drinks
  • liquids used in electronic smoking devices and tools
  • Sweetened drinks
  • Tobacco and tobacco products
  • Energy drinks
  • Electronic smoking devices and tools
  • Carbonated drinks

 

What is the procedure for registering for excise tax?

  1. Create and verify your e-service account with the FTA portal. For creating the account, you need to sign up with your email address.
  2. Once you log in to your account, try to understand the symbols and icons given on the registration form.
  3. To initiate the excise tax registration form, click on the confirm button.
  4. Now fill in the required details on the registration form, deregistration application, and amendment forms with correct answers.
  5. After ensuring that all the details are correct, click on the submit button.

 

The excise tax services provided by our company include Excise tax audit, advice on stockpilers, excise tax registration and deregistration, excise tax stock audit at the year-end, advice on stock/ inventory counting, and duty calculation, determining implication, scope, applicability-impact, and applicability analysis.

 

If you have gone through all the services mentioned above, and think that these services can be helpful to you, then please don’t forget to visit our website for some more details, or you can contact our service provider, who is available round the clock to solve all your issues regarding these services. RBS auditing is one of the best Accounting Firms in Dubai, which provides all these services in a very cost-effective manner.

Top 10 Accounting Firms in the US

 

Our strength in excise tax consultancy in UAE –

We are the top financial advisers in the UAE because of our extensive expertise in these accounting and tax advising services. With years of expertise, we have improved and strengthened our excise tax consultancy services in Dubai, overcoming several of our shortcomings:

  • We adhere to the guidelines established by the Financial Tax Authority (FTA).
  • We promise to be accessible to our clients around the clock.
  • We give you thorough advice on complying with excise laws.
  • We compute, keep track of, and reconcile data, invoices, and transactions.
  • We offer a qualified staff of auditors and tax experts with expertise.
  • Our tax reports are meticulously organized following the UAE excise legislation.
  • We look after the assets of your business and guard you against costly penalties.
  • In the United Arab Emirates, we are registered in all reputable free zones.

 

We offer a full range of excise tax services, including planning, consulting, training, and registration. Contact us right now for more details about our consultancy services regarding excise taxes in the UAE.

 

 

 

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

VAT

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

Summary of VAT amendments:

Article Number Title VAT Amendments
Article 1  Definitions New definitions have been introduced for –

Relevant Charitable Activity, Pure Hydrocarbons, Tax Evasion, Tax Audit, Tax Assessment and Voluntary Disclosure.
Article 5 Supply of Goods Entry into a contract between more than two parties entailing the transfer of Goods at a later time will be considered as supply of goods as per new amendment.
Article 7 Other out-of-scope transactions A new clause inserted which allows the Executive Regulations to stipulate any other transactions that can be considered outside the scope of VAT.
Article 15 Registration Exceptions Exception to register from tax is now extended to include registered persons having 100% zero rated supplies, in addition to non-registered persons.
Article 21  Cases of Tax Deregistration New amendment grants the Federal Tax Authority, the right to deregister any registered person if they assume that the taxable person’s VAT registration may cause any harm to the tax system.
Article 26 Special Date of Supply The date of supply under Clause 1 now includes the date on which one year has passed from the date on which the goods or services are provided.
Article 27 Place of Supply of Goods (continuous supply) As per new clause, place of supply of goods that include export or import will be inside UAE if Article 26(1) applies AND the ownership of the goods has been transferred inside the UAE.
Article 30 Place of Supply in Special Cases (transport-related services) Clause is extended to include transport related services in the rule of special place of supply. Place of supply means place where transportation starts.
Article 33  Place of residency (Agent/Principal) The place of residence of principal will be the place of residence of the agent as per changed clause.
Article 36 Value of Supply and Deemed Supply for Related Parties Where a deemed supply occurs between related parties, the value of supply would be determined by the market value, as per amended law.
Article 45 Supply/Import of Goods and Services that are Subject to Zero Rate Import of following added to the zero-rated list

·         means of transportation and goods related to means of transportation

·         rescue planes and ships

·         crude oil and natural gas

·         Related basic healthcare goods.

·         investment precious metals (if they are supplied or imported for investment purposes.)
Article 48 Reverse Charge Reverse charge will apply to “Pure Hydrocarbons” instead of “any form of hydrocarbons”
Article 55 Recovery of Recoverable Input Tax in the Tax Period (Imports) The first condition of the Article for recovery of input tax as per the reverse charge mechanism is amended with the addition to keep invoices and import documentation (i.e. for goods only) for the importation of goods or services.
Article 57 Recovery of tax by Government Entities and Charities Government entities can recover tax if incurred for the provision of sovereign activities.

charitable organisation can recover tax if incurred for the provision of relevant charitable activities.
Article 61 Instances and Conditions for Output Tax Adjustments (additional case) Clause inserted which requires taxable person to adjust output tax after the date of supply not only if the tax was charged in error but also if the application of the tax treatment was incorrect (e.g., where it was treated as exempt/zero rated instead of taxable at 5%)
Article 62 Mechanism for Output Tax Adjustment Tax credit note must be issued within 14 days from the date of occurrence.
Article 65 Conditions and Requirements for Issuing Tax Invoices (obligation to pay VAT) It has made mandatory for the taxable person to pay the VAT to the Federal Tax Authority in cases where such person issues a tax invoice stating VAT on it or receives an amount as VAT.
Article 67  Date of Issuance of Tax Invoice (for continuous supplies) Now it has been specified that the date of issuance of tax invoice under continuous supply will be 14 days from the date of the supply.
Article 79 bis Statute of Limitations (new article) ·         The statute of limitation of 5 years not applicable where FTA has issued a notice to audit, provided audit is completed within 4 years from notice date.

·         statute of limitation will be extended by one year if taxable person files voluntary disclosure in 5th year.

·         Voluntary disclosure cannot be filed by the taxable person after the lapse of 5 years.

 

Why choose RBS auditing for Excise Tax consultancy?

excise tax

Are you wondering about outsourcing your food and beverage business to Dubai, UAE but are not familiar with the rules and regulations regarding the tax? Here is everything you need to know about the Excise Tax Registration and Return Filing services in UAE. Initially, on 1st October 2017, the excise tax was applicable only on specific goods according to the Excise Tax Federal Decree-Law No. (7) of 2017, but after two years in 2019, a few more goods got added to the list of excise tax products.

Excise Registration
Excise Registration

 

The products which are entitled to Excise tax include –

 

  • Carbonated drinks
  • liquids used in electronic smoking devices and tools
  • Sweetened drinks
  • Tobacco and tobacco products
  • Energy drinks
  • Electronic smoking devices and tools
  • Carbonated drinks

 

What is the procedure for registering for excise tax?

  1. Create and verify your e-service account with the FTA portal. For creating the account, you need to sign up with your email address.
  2. Once you log in to your account, try to understand the symbols and icons given on the registration form.
  3. To initiate the excise tax registration form, click on the confirm button.
  4. Now fill in the required details on the registration form, deregistration application, and amendment forms with correct answers.
  5. After ensuring that all the details are correct, click on the submit button.

 

The excise tax services provided by our company include Excise tax audit, advice on stockpilers, excise tax registration and deregistration, excise tax stock audit at the year-end, advice on stock/ inventory counting, and duty calculation, determining implication, scope, applicability-impact, and applicability analysis.

 

If you have gone through all the services mentioned above, and think that these services can be helpful to you, then please don’t forget to visit our website for some more details, or you can contact our service provider, who is available round the clock to solve all your issues regarding these services. RBS auditing is one of the best Accounting Firms in Dubai and Abu Dhabi, which provides all these services in a very cost-effective manner.

Accounting Firm
Accounting Firm

Our strength in excise tax consultancy in UAE –

We are the top financial advisers in the UAE because of our extensive expertise in these accounting and tax advising services. With years of expertise, we have improved and strengthened our excise tax consultancy services in Dubai, overcoming several of our shortcomings:

  • We adhere to the guidelines established by the Financial Tax Authority (FTA).
  • We promise to be accessible to our clients around the clock.
  • We give you thorough advice on complying with excise laws.
  • We compute, keep track of, and reconcile data, invoices, and transactions.
  • We offer a qualified staff of auditors and tax experts with expertise.
  • Our tax reports are meticulously organized following the UAE excise legislation.
  • We look after the assets of your business and guard you against costly penalties.
  • In the United Arab Emirates, we are registered in all reputable free zones.

 

We offer a full range of excise tax services, including planning, consulting, training, and registration. Contact us right now for more details about our consultancy services regarding excise taxes in the UAE.