Excise Tax Compliance Review
Maintain Excise Compliance: Ensure Proper Filing and Avoid Penalties for Noncompliance
Excise duty is charged to people who sell goods that are unsafe for the environment or for people’s health. These businesses must adhere to the UAE excise duty requirements, which include registration, declaration filing, and voluntary disclosures, among others. However, the Federal Tax Authority is continually revising UAE excise duty compliance reporting requirements. Companies realize the significance of proper implementation of excise duty laws and regulations for this reason. Our tax advisors in Dubai and Abu Dhabi will assist you in adjusting to the evolving FTA regulatory landscape.
UAE Excise Duty Regulations
According to Federal Decree-Law No. 7 of 2017, businesses that trade in excisable commodities in any emirate are required to register. This includes e-cigarettes, tobacco, carbonated beverages, and energy drinks, among others. Under the terms of the FTA, all taxable entities are required to comply with the UAE’s excise duty regime. The government continuously revises the tax system to remain ahead of the game. To ensure compliance with UAE tax regulations, FTA auditors will review your excise tax records at any time for accuracy and conformity.
What is the Significance of Excise Compliance?
Excise compliance verifies that your excise records conform to your local tax requirements. The Federal Tax Authority is responsible for tax collection and assessment in the United Arab Emirates. According to the tax period, the relevant regulatory agencies will review your excise tax registration, returns, and filings. You will be exempted from FTA noncompliance fines if you handle excisable items properly.
The Main Purpose of Excise Compliance
The primary purpose of excise tax compliance in the UAE is to protect company bank accounts from hefty FTA fines. An organization that fails to comply with excise duty requirements will be subject to penalties imposed by the governing tax body. They are imposed for inaccurate registration, late declaration filing, submission of invalid documents, and other information. The FTA imposes severe penalties for noncompliance with excise duty regulations. Therefore, it is recommended to use competent consultants to provide excise duty services in the UAE that guarantees all compliance requirements are met.
Why is Compliance Challenging for Businesses in the UAE?
To encourage investors, the tax authorities in the UAE are continually revising laws and regulations. The UAE government took this action to combat global commercial competitiveness. But this makes it more difficult for businesses to comply with tax regulations. Businesses are uncertain when to register, whether they exceed the threshold, how frequently they must file an excise tax report in the UAE, etc. This is because yesterday’s compliance with excise duty may differ from today’s. For a successful application for excise duty, FTA guidelines must always be maintained.
ADEPTS Excise Compliance Service Process
Excise compliance in the UAE is a crucial process that has undergone substantial adjustments to secure the country from the detrimental consequences of excisable items. When managing your compliance with excise taxes, our tax advisers emphasize a variety of things. Let's analyze our excise compliance services, which include the following
Conducting an Excise Duty Evaluation
The procedure of determining the value of products subject to excise duty. It includes determining the amount of excise duty based on the rate of excise duty. Valuation is essential since even a little calculation error can result in the loss of tax records. Expert excise consultants from ADEPTS process and calculate the amount of tax owed to the government with precision, leaving no opportunity for error. Individuals and corporations receive specialized support to help them comply with excise duty regulations.
On-Time Submission of Excise Reports
Each tax period requires the accurate filing of tax returns with the FTA. A registered legal entity that fails to file an excise duty return on time is subject to both fines and reputation loss. Our tax consultants ensure that your tax returns are filed accurately and on time. To ensure the transparency of excise items, we include your statutory declarations with your returns.
Adjustments to your Excise Duty Record
To prevent FTA fines, excise duty records must be up-to-date and correct. Poor records of excise duty can make it difficult for businesses to register for excise duty, submit declarations, and receive refunds. Consult our tax specialists in Dubai and Abu Dhabi if you find yourself in a similar dilemma. Our team can propose required adjustments to your records in conformity with UAE tax regulations, so take advantage of our premier excise services.
Ensured Compliance and Regulatory Adherence
Internal audit ensures that organizations comply with applicable laws, regulations, and industry standards. By reviewing compliance processes and controls, internal auditors identify any non-compliance issues and provide recommendations for rectification.
Insights on Excise Tax
To guarantee compliance with UAE excise duty legislation, each taxpayer must remain informed of any changes made by the authority. Due to a lack of knowledge and time, this may appear excessively hard to a businessperson. Our tax advisors keep you well-informed of the latest excise clarifications and updates from the Federal Tax Authority. We assist businesses with their complicated tax concerns and procedures.
Why Choose ADEPTS
ADEPTS Chartered Accountants LLC is a premier accounting and bookkeeping firm in UAE, offering reliable services to manage income and expenditure, as well as helping clients to adhere to International Financial Reporting Standards (IFRS). Our team of professional financial advisors provides cost-effective solutions to meet long-term goals with exceptional accuracy and precision.
Comprehensive review
Our team conducts a thorough and comprehensive review of your excise tax compliance, covering all aspects of excise tax regulations and requirements.
Customized solutions
We provide tailored solutions to address any issues or gaps identified during the compliance review, based on your specific business needs.
Experienced team
Our team of experts has extensive experience in excise tax compliance and can help you navigate complex regulations with ease.
Avoid penalties
By identifying and addressing compliance issues proactively, our service can help you avoid costly penalties and fines.
Peace of mind
With our compliance review service, you can have peace of mind knowing that your excise tax compliance is up to date and in line with regulations.
