The Excise Tax is a type of indirect tax that is levied on specific goods. The Gulf Cooperation Council (GCC) member states have implemented a Common Excise Tax Agreement that permits them to apply this tax to goods that are considered hazardous to human health or the environment, as well as luxury items. To ensure transparency and accuracy in the movement of excisable goods, the Federal Tax Authority (FTA) has introduced a new electronic system for registering excisable goods, along with new reporting requirements for Excise Tax returns and declarations.
For companies that face challenges in complying with Excise Tax regulations, Corporate Group offers a range of Excise Compliance services that are aligned with the changing regulatory environment. There are two main Excise Tax Compliance procedures, namely, Declarations and Tax Returns. A business must file Declarations to declare and pay the Excise Tax based on the nature of the transaction. Additionally, Excise Tax Returns will be pre-populated with information from the declarations submitted for that tax period.
Our dedicated team assists clients in managing Excise Tax and complying with regulatory guidelines to avoid compliance failures and mitigate potential non-compliance risks. Effective management of Excise Tax and reducing its impact on overhead costs is crucial for all businesses.
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