Excise Consultants
Excise Tax Services In UAE
Excise tax is an indirect tax imposed on certain goods in the UAE, particularly those that pose health or environmental risks. Our Excise Tax services in the UAE are designed to help businesses navigate the complexities of excise tax compliance. We provide expert guidance on the implications of Excise Tax and assist in managing your obligations effectively.
- Tobacco and tobacco products
- Liquids used in electronic smoking devices and tools
- Electronic smoking devices and tools
- Carbonated drinks (note that this excludes sparkling water)
- Energy drinks
- Sweetened drinks
As part of our comprehensive Excise Tax services, we ensure that your business understands the requirements and regulations surrounding Excise Tax in UAE, allowing you to maintain compliance while minimizing potential liabilities. Trust our experienced team to support you in effectively managing your excise tax responsibilities.
VAT Service in Dubai - UAE
Comprehensive, top-tier services all conveniently available in one place
Implication of VAT on Individuals
VAT, as a general consumption tax, will apply to the majority of transactions in goods and services in UAE. A limited number of exemptions may be granted. As a result, the cost of living is likely to increase slightly, but this will vary depending on an individual's lifestyle and spending behavior. If an individual spends mainly on those things which are relieved from VAT, he is unlikely to see any significant increase. The government will include rules that require businesses to be clear about how much VAT an individual is required to pay for each transaction. Based on this information, individuals can decide whether to buy something.
Implication of VAT on Businesses
Businesses must meticulously record their income, expenses, and VAT charges. Those meeting the minimum annual turnover are obligated to register for VAT based on their financial records. Even if a business doubts its VAT eligibility, maintaining financial records is crucial in case of future verification. Registered businesses will charge VAT to customers on their sales and also pay VAT on goods/services they purchase. The variance between these amounts is either refunded or paid to the government.
VAT in GCC
The UAE aims to align VAT implementation with other GCC countries due to its ties through 'The Economic Agreement between the GCC States' and 'The GCC Customs Union'. Cooperation among GCC nations in designing and enacting public policies is vital for the overall development of the region, reflecting their collaborative approach.
