New electronic system for excise goods registration
Business Dubai Equity Markets

FTA launches a new electronic system for excise goods registration

The Federal Tax Authority, FTA, has rolled out a new electronic system for registering excise goods to help develop the tax system as a whole, and excise tax procedures, in particular.

The new system is aligned with the UAE leadership’s directives to enhance the country’s global competitiveness as it offers accurate and transparent procedures for registering excise goods with clear guidelines and standards related to excise tax returns and declarations.

Businesses which are dealing with excise goods were asked to comply with the new process of registering excise goods and ensure all required documents are available when submitting the registration request for the goods. The new guidelines include requirements such as marketing information including images and videos, products details, ingredients, lab tests in some cases, and the retail price of the product based on the UAE retailers or in the relevant country in case it is not sold in the UAE.

The FTA stated that there is no threshold for excise tax, meaning that any business with activities involving excise goods is required to register in the new system, calculate its tax amounts, and visit the FTA website to get information and manuals that outline the required procedures for producers and importers of excise goods, and for excise goods stored in designated zones.

SOURCE

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