The UAE's Federal Tax Authority (FTA) has urged businesses to file their returns for excise tax before Wednesday deadline to avoid paying penalties.
Last month, the UAE introduced an excise tax on tobacco and energy drinks at a rate of 100 per cent and 50 per cent on sugary drinks with the goal of curbing unhealthy habits and shoring up government revenue hit by lower oil prices.
The tax is settled monthly with payment taking place within 15 days after the end of each month. The first collection will take place on Wednesday.
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“Since the beginning of November, businesses registered for excise tax have been consistently complying with their requirements and deadlines, filing their tax returns on time,” said Khalid Al Bustani, the director general of the FTA. “We urge those who haven’t done so yet to file their returns before the deadline of November 15, 2017, and settle the payable tax stated in the submitted excise tax return, in order to fulfil their obligations according to the tax procedures in the UAE.”
Companies that fail to submit a tax return by Wednesday will pay a Dh1,000 penalty for first time offence and Dh2,000 for repetition within 24 months.
Failure to settle the payable tax in the submitted tax return and any inaccuracy of submitted data also incur penalties.
There are around 250 companies in the UAE subject to excise tax.
The UAE is the second country in the Arabian Gulf to introduce an excise tax after Saudi Arabia, which began collecting tarrifs in June. Other countries are expected to follow suit next year.
Individuals or businesses subject to the tax include producers of excisable items, importers, stockpilers like hotels and restaurants and warehouse keepers.
The introduction of excise taxes and value-added tax on January 1, 2018 are expected to boost the inflation rate by a one-off 1.4 per cent, Mr Al Bustani said in August.
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
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7. Italy 26 faults