UAE President issues excise tax decree-law

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Consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis.” byline=”staff reporter” caption=”UAE President Shaikh Khalifa Bin Zayed Al Nahyan” credits=”WAM”]

Levy will be imposed on selected products

 

ABU DHABI – UAE President Shaikh Khalifa Bin Zayed Al Nahyan has issued Federal Decree-Law on Excise Tax on the imposition of the levy on selected products, according to a WAM report.

The products that will be taxed have been 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).

Under Federal Decree-Law No. 07 of 2017, excise tax that shall be imposed on excise goods, which, along with the method of calculating the excise price, are subject to a decision by the Council of Ministers upon the recommendation of the minister of finance and provided that the tax rates do not exceed 200 percent of the excise price.

Shaikh Hamdan said: “As Shaikh Khalifa issues Federal Decree-Law No. 07 of 2017 on Excise Tax, the UAE takes a great leap forward.”

“We are making remarkable progress in our plans to establish a sound legislative infrastructure to support the UAE’s tax system and make sure it meets and exceeds international best practices,” he also said.

Shaikh Hamdan said further: “The project diversifies the government’s revenue streams and boosts its resources, which, in turn, will strengthen the economy and ensure its sustainability.”

“The excise tax, in particular, will help us build a healthier and safer society. This tax is set to discourage the consumption of products that negatively impact the environment and, more importantly, people’s health, while the revenues it generates will go towards supporting advanced services for all members of society.”

To recall, the Supreme Council of the Gulf Cooperation Council (GCC), issued in December last year a resolution containing a list of goods that will be imposed an excist tax including tobacco products, energy drinks and certain softdrinks.

Meanwhile, Federal Decree-Law No. 07 of 2017 alo states that:

*Excise tax will be imposed on certain activities around specific “excise goods”, activities such as the production or importation of excise goods in to the UAE, as well as the stockpiling of excise goods in the UAE, where these activities occur in the course of doing business.

*Payment of the excise tax is the responsibility of the person who conducts any of these activities, or, if said person fails to meet their obligations, a person involved in any of the activities.

*In the event that excise goods are released from a designated zone (and where payable tax has not been paid previously), the onus is on the warehouse keeper to pay the tax.

*The FTA may exempt an individual from registration but not from payment of tax if they can demonstrate that they will not regularly import excise goods. However, anyone who has been exempted from tax registration must immediately inform the FTA of any changes in his/her circumstances that would make them subject to tax and they must do so within the allotted timeframe and in accordance with the procedures stated in the Executive Regulation of the Decree-Law.

*A registered taxable person shall apply for a tax deregistration when no longer liable for excise tax within the timeframe stated in the Executive Regulation.

*Any person operating or intending to operate a designated zone must apply for registration as a warehouse keeper before acting as such and the Executive Regulation of the Decree-Law shall specify the effective date of registration. GAC/Expat Media[/expatmedia-article-content][/vc_column_inner][vc_column_inner][expatmedia-related-posts enable_pagination=”no” layout=”2-col” posts_query=”size:6|order_by:date|post_type:post|categories:36″ title=”MORE STORIES” thumb_size=”expatmedia-post-thumbnail”][/vc_column_inner][/vc_row_inner][vc_row_inner el_class=”col-md-4″][vc_column_inner][expatmedia-latest-posts read_more_text=”Read more →” posts_query=”size:10|order_by:date|post_type:post” title=”LATEST NEWS”][/vc_column_inner][vc_column_inner el_class=”border-box border-box-mwidth business–popular-ad”][expatmedia-guides-posts posts_query=”size:3|order_by:date|post_type:post|categories:69″ title=”POPULAR IN FOOD”][/vc_column_inner][vc_column_inner][vc_raw_html]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[/vc_raw_html][expatmedia-subscription title=”Subscribe”][/vc_column_inner][vc_column_inner el_class=”border-box border-box-mwidth business–popular-ad”][expatmedia-guides-posts page_link=”http://expatmedia.net/guides/” posts_query=”size:3|order_by:date|post_type:post|categories:2″ title=”Guides”][/vc_column_inner][vc_column_inner][svc_social_stream twitter_type=”@” twitter_num=”4″ skin_type=”template” grid_columns_count_for_desktop=”vcyt-col-md-12″ grid_columns_count_for_tablet=”vcyt-col-sm-12″ grid_columns_count_for_mobile=”vcyt-col-xs-12″ excerpt_length=”150″ loadmore=”no” title=”Twitter Post” twitter_id=”ExpatMediaUAE”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]

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