The Federal Tax Authority has rolled out new reporting requirements related to excise tax returns
The UAE’s Federal Tax Authority (FTA) has launched a new electronic system for registering excise goods.
In a statement on Saturday, the FTA said that the new system is designed to offer transparent guidelines and standards for the registration of goods, along with new reporting requirements related to excise tax returns and declarations.
The FTA is urging all businesses to follow the new process and ensure that the required documents are readily available when submitting a registration request.
Requirements include product details, ingredients, marketing information – including images and videos – lab tests, and, in some cases, the retail price of the product based on UAE or international retailers.
Additionally, the FTA is asking that taxable persons comply with new declarations, tax return forms and requirements such as import, produce, release from designated zones and local purchase scenarios.
The FTA has launched a number of new manuals and guides to raise awareness of the new procedures.
Any individual that produces or imports an excise good to be sold in the UAE market is subject to the excise tax, as is anyone who stockpiles these goods or releases them from a designated area.
According to the FTA, there is no threshold for excise tax, meaning that all businesses with related activities are required to register with the new system.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.