Kudos

Why Internal Auditing Is Important?

  • Excise tax is an indirect tax where business entity collects excise tax from customers and pays to the Government.
  • Excise tax is levied on specific goods which are harmful to human health or the environment.
  • Excise tax is levied with an intent to reduce consumption of specific goods and simultaneously to raise government revenue to use for public services.
  • Excise tax is levied on Tobacco products, electronic smoking devices and tools, liquids used in electronic smoking devices and tools, carbonated drinks, sweetened drinks, and energy drinks.
  • Excise tax rate ranges from 50% to 100% on price of excise products.
  • Business entities with the following activities are obligated to register and comply with excise tax law:
    1. Import, production, release of excise products
    2. Warehouse keepers and stockpiles of excise products in certain cases
  • Business entities who deal with excise products must comply with:
    1. Register with Federal Tax Authority (FTA)
    2. Collect excise tax from customers
    3. Pay collected tax to the government
    4. File excise tax returns with FTA
    5. Comply with excise tax regulations
  • Non-compliance with excise law attracts fines and administrative penalties

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About Us

Kudos PRS operates in UAE since 2009 and Our Chartered accountant services offer Audit & Assurance services, Accounting services, Taxation and Management Consultancy, VAT and TAX Advisory, Financial Audits and book keeping Services, Business and management consultancy Services.

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