Excise Tax Advisory Services UAE

EXCISE TAX ADVISORY SERVICES IN UAE

WHAT IS EXCISE?

Excise tax is a type of indirect tax imposed on particular commodities known as "excise goods," which are often detrimental to the environment or human health. A business is required to register for excise tax under the UAE Federal Decree-Law No. 7 of 2017 on Excise Tax. 

Excise taxes are imposed in the UAE to minimize the use of unhealthy and hazardous products and to generate income for the government. That can be used to finance advantageous essential public facilities.

WHAT ARE EXCISE GOODS MAINLY SPECIFIED AS?

• Electronic devices and tools related to smoking, vaping, and similar activities
• Liquid consumed in electronic devices used in smoking, vaping, and similar activities
• Tobacco-related products
• Soft drinks
• Energy drinks
• Sweetened drinks

WHO ARE LIABLE TO REGISTER FOR EXCISE TAX?

By levying an excise tax, the UAE government intends to both decrease the use of harmful and hazardous goods and increase government money that can be used to fund useful public services. Thus, all companies that operate in the following industries are required to register for excise tax:

• Businesses that import excise goods into the UAE
• Companies that produce excise goods that are sold for consumption in the UAE
• Businesses that, in some circumstances, stockpile excise goods in the UAE
• A warehouse keeper who is in charge of monitoring an excise warehouse or designated zone.

WHO IS NOT OBLIGED TO PAY EXCISE TAX?

• Heads and members of diplomatic and consular enterprises, as well as representatives of international organizations and diplomatic and consular entities
• Travelers entering the region may bring in excise commodities as long as they are for personal use alone and don't exceed the Customs Law's allowable limits.
• Excise items offered at airports Duty-free stores and boarding passengers' consumption

WHO CAN BE A TAX CONSULTANT?

To operate as a tax consultant and counsel firm in the UAE, a qualified person must have the following specifications met, according to FTA.

• At least three years of relevant expertise in the domains of law, accounting, or taxes
• A bachelor's or master's degree in tax, law, or accounting from a university with accreditation is required for educational eligibility.
• Acquire a passing mark on the FTA exam.
• It is necessary to have professional indemnity insurance.

However, you should make sure to choose seasoned people with experience and expertise in the business and industry you work in when seeking chartered tax consultant services for your UAE company. This tax consultancy service can help your firm succeed

• Are competent tax planners with keen analytical abilities;
• Can offer viable alternatives when faced with difficult tax circumstances;
• Have vast expertise in delivering tax counseling and advisory services to clients in many industries.

HOW EXCISE TAX ADVISOR BE AN AID?

In the UAE, paying taxes is obligatory for all businesses because the money collected goes toward the nation's development. Tax advisors make ensure that businesses and individuals file their tax returns in accordance with the law.

A single accounting procedure error could result in a significant loss for the company. As a result, people and businesses should be particularly careful while creating a tax account, here a tax advisor comes to the rescue.

Here is a non-exhaustive list of things an excise tax advisor can help the company with:

• Strategy and recommendations for excise taxes
• Analysis and verification of all documents
• Tax calculation assessment
• Performing inventory count
• Employee training
• Excise tax registration support services
• Assessment of tax
• Employee training
• Ensures compliance with excise tax
• Establish performance measures for effective evaluation to identify market trends
• Assess the benefits and drawbacks of your company structure
• Ensure accuracy in tax reports for excise tax audit
• Economies of time and resources
• Optimizing your taxes with the updated tax laws and using effective techniques to increase profitability and reduce costs.

WHAT ARE THE DOCUMENTS REQUIRED FOR EXCISE TAX REGISTRATION?

• In addition to a valid trade or business license, the authorized signatory's passport or Emirates ID is required.
• A copy of the act that established the entity, in the case where the registration request refers to a federal or local government organization.
• Records attesting to the signatory's legitimacy.
• The official declaration, on the company's printed letterhead, signed and stamped by the authorized signatory, stating that the company operates with goods subject to excise tax, along with the nature of the operation (production, import, stockpiling), and the date of commencement of operation.

HOW CAN WE HELP WITH EXCISE TAX ADVISORY SERVICE?

We are one of the best tax advisors in Dubai, UAE. We offer tax services to companies all across the country. By offering our in-depth expertise and understanding of the Tax Laws and Regulations of the government, we provide services that cover all the financial demands of a firm.

Our tax consultants are highly qualified specialists with a wide range of expertise in various businesses. They are dedicated to offering advice and direction to help you with your tax requirements for both small and large enterprises.

Once excise tax returns in the UAE will be prepared to FTA standards by professionals in excise tax advice audit and compliance services. While our greatest financial advisors in the UAE because of their extensive experience in these accounting and tax advising services are an aid to the business.

They assist you in overcoming many of its shortcomings and gaining strength in excise tax advisory services in Dubai because they have experience and skills in the same field. Some of the aids are:

• We adhere to the Financial Tax Authority's regulations (FTA).
• Determined to provide our customers access to us around the clock.
• We give you thorough advice on excise compliance.
• Analyze and keep track of documents, bills, and reconciliations.
• Our qualified tax experts and auditors are a seasoned team.
• Organize all of our tax reports in compliance with the official excise laws of the UAE.
• We carefully look after the assets of your business and guard you against significant fines and penalties.
• In all reputable free zones in the UAE, we are registered.

Conclusion

We provide flexible, affordable tax consulting services in Dubai that are suited to your company's requirements. BRS can help you set up and implement accounting systems and procedures that are excise compliant.

Moreover, we can perform a tax health check for your company and provide you with efficient and practical advice that adheres to FTA guidelines.

It provides businesses of all sizes with expert advice to make sure they are compliant with their tax responsibilities and delivers the best tax advisory services in Dubai.