It’s important for companies in the UAE to abide by the excise tax laws not only to avoid fines but also for managing their company’s financial dealings appropriately. Handling Excise Tax effectively will help your business to reduce the risk of non-compliance while ensuring an efficient management of the Excise Tax liability through the use of the available exemptions, refunds, suspension cases and customs reliefs.
It is crucial that businesses registered for Excise Tax understand the new compliance obligations. The Excise Tax compliance process has significantly changed, for example there are a number of additional declarations added to the previous requirements. The new procedures include separate reporting of goods released from Excise Tax designated zone, movements of goods into, within and between designated zones, as well as local purchases and transfer of ownership within a designated zone. Thus, companies need proper guidance to manage their excise returns. procedures should be assessed, and where necessary re-designed to support the accuracy of the required declarations and subsequent Excise Tax filings.
We, VATBOX here to guide you professionally and efficiently for all your Excise Tax Compliance Services such as timely updating the FTA regulations, New amendments regarding Excise Tax in the UAE Law.