Excisable Goods Within A Designated Zone Is Excise Tax-Free, How About Deficient Or Missing Goods?
Excisable Goods Within A Designated Zone Is Excise Tax Free, How About Deficient Or Missing Goods? Excise Goods stored, preserved or processed in a Designated Zone or transferred between Designated Zones will be Excise tax-free as per the Cabinet decision 37 of 2017 on the Executive Regulation of the Federal Decree-Law No (7) of 2017 […]
VAT Implications in Transportation Industry
VAT Implications in Transportation Industry Transportation in simplified terms means the mode of transport. Transportation supports in navigating goods/ passengers to the determined place at the scheduled time as per the customer requirement. The means of transportation are bus, train, vehicle, aircraft, ship etc., while the mode of transportation could be roadways, airways, or sea. […]
Excise Tax: New and updated guidance from the Federal Tax Authorities
Excise Tax : New and updated guidance from the Federal Tax Authorities In August 2022, the UAE Federal Tax Authority published a new User Guide on Excise Tax for Clearing Companies, focusing on Consumption, Import and Release transactions, and public clarification EXTP008 about the calculation of financial guarantees for the Excise Tax in Designated Zones. […]
Understanding DTS stamps – Overview
Understanding DTS Stamps – Overview What is DTS Stamp? The Digital Tax Stamp (DTS) is a control solution that delivers a unique pack marking and encoding to allow product traceability from point of manufacture through to the final Emirate of distribution and to support enforcement activity targeting the reduction in illicit Tobacco & Tobacco products […]
Tax Audits – FTA Inspections and seizure of Tax evaded Excisable Goods
Tax Audits – FTA Inspections and seizure of Tax evaded Excisable Goods The Federal Tax Authority (FTA) with the collaboration of other government entities had increased the inspections compared to the last year to ensure the consumers from non-compliant products combat tax evasion and ensure compliance with tax legislation and procedures. Excise tax is imposed […]
Latest Updates Related to Excise tax – Aug 2022
Latest Updates Related to Excise tax – Aug 2022 Summary of Excise Tax Public Clarification on Excise Tax Designated Zones – Calculation of financial guarantees *DZ- Designated zone When you are registering for a new DZ or renewing the existing the DZ, the warehouse keeper of the DZ will be required to provide a financial guarantee […]
Supporting documents for Cases related to Waiver of Administrative Penalties Cabinet Decision No. 105 of 2021
Supporting documents for Cases related to Waiver of Administrative Penalties Cabinet Decision No. 105 of 2021 Cases for Waiver of Administrative Penalties Supporting documents Death of the registered natural person or the owner of a sole establishment, if the death was a direct cause for failing to fulfil the tax obligation. •Official death certificate issued […]
Delay in Implementation of Pillar Two Directives
Delay in Implementation of Pillar Two Directives On May 16th 2018, the United Arab Emirates (UAE) joined the OECD inclusive framework on Base Erosion and Profit Shifting and since then UAE has been constantly taking various measures for the implementation of BEPS standards primarily focusing on Action 5, 6, 13 and 14. The OECD inclusive frameworks’ […]
Cabinet Decision No.49 : Value Added Tax Penalties amended in the United Arab Emirates
Cabinet Decision No.49 : Value Added Tax Penalties amended in the United Arab Emirates On 28th April 2021, Cabinet decision No.49 was updated in UAE. The update is in regards to administrative penalties on tax violations within the country. This amendment is applicable after 60 days from the date of issue. Click here to know […]
The Federal Tax Authority’s installments scheme for Tax Penalty payment
The Federal Tax Authority’s installments scheme for Tax Penalty payment The Taxpayers can now convert Penalty Payments into Installments The Federal Tax Authority (FTA) has issued Cabinet Decision No. 105 of 2021 on the Procedures of Administrative Penalty Installments and Waivers effective from 1 March 2022. Following this decision, the Taxpayers can now submit a […]
