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Excise Tax - UAE

An excise tax is an indirect tax imposed on the sale of a particular commodity. These goods are taxable if they are imported into the UAE, manufactured in the UAE, or stockpiled in the UAE. 
Excise tax is levied on products that are harmful to people or the environment. The primary purpose of the excise tax is to reduce the consumption of those particular goods to restrict unhealthy practices.
In certain scenarios, goods will be physically labeled to show that the excise tax has already been paid to the government. 
Which products are subject to excise tax?
Carbonated drinks: All aerated beverages except for unflavored aerated water. Products used for making aerated beverages, including concentrates, powders, gels, and extracts will also be considered excise goods.
Tobacco and tobacco products
Energy Drinks: Certain beverages include energizers which provide mental and physical stimulation, such as caffeine, taurine, ginseng, and guarana. Any concentrate, powder, gel, or extract that is made into an energy drink is also subject to excise tax.
A person must register and pay excise tax if they are involved in the following activities:
Importing excise products.
Producing or manufacturing excise goods.
Transferring excise products out of a Designated Zone
Stockpiling excise goods in the normal course of business.
Selling excise goods in the UAE. The excise tax will be borne by the seller and the tax amount will be included in the total sale price of the excise product
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Excise Advisory Service in UAE
The introduction of excise tax in the UAE in 2017, every single person conducting the business of specific products which are considered to be harmful to human health and environment need to pay a tax to the Government. The excise law is applied to products described in the excise goods category, including tobacco, energy drinks, carbonated drinks, etc.  this is one of the leading accounting and bookkeeping firm, which offers excise tax advisory services in the UAE to help business with tax auditing and payment. By availing proper tax consulting services, you can ensure if the reported excise tax liability is accurate and submitted to the authority within the date mentioned by the tax authority. Excise Tax Consulting Excise tax is a form of indirect tax levied on specific goods called “excise goods” which are typically harmful to human health or the environment. The Excise tax was introduced across the UAE in 2017. The purpose of levying excise tax is to reduce the consumption of unhealthy and harmful commodities as well as to raise revenues for the government that can be spent on beneficial public services. Ultimately, consumers need to pay more for goods that are harmful to human health or the environment.  Under the UAE Federal Decree-Law No. 7 of 2017 on Excise Tax, it is the responsibility of a business to register for excise tax. The deadline for registration for companies was November 30, 2019. The deadline for registration of stocks is January 15, 2020. It is advisable that a Taxable person engaged in activities relating to excise goods such as tobacco products, carbonated drinks, and energy drinks should empower an audit firm to get professional advice on Excise Tax issues.    is one of the leading accounting, tax, and bookkeeping services providers, who provide excellent excise tax advisory services in UAE to its clients and ensures that the clients comply with the tax law. Who should Register for Excise Tax?  The companies that are engaged in the following areas are to Register for Excise Tax: - The import of excise goods into the UAE The production of excise goods where they are released for consumption in the UAE The stockpiling of excise goods in the UAE in certain cases A warehouse keeper who is responsible for overseeing an excise warehouse or designated zone.  Rights of a person during a Tax Audit relating to Excise Liability in UAE  During the proceedings of Tax Audit, a taxable person has the following rights -  To monitor the procedure while the documents are being removed by the auditor To get back the documents if removed by the auditor once the tax assessment is completed.  To demand and obtain a receipt from the auditor against the removal of any record or document.  Products to be Registered as Excise Goods  Carbonated drinks including any aerated beverage except for unflavored aerated water Energy drinks, which comprise any beverages which are marketed, or sold as an energy drink, and containing stimulant substances that give mental and physical stimulation. Tobacco and nicotine products Electronic smoking devices and tools Fluids used in electronic smoking devices and tools Sweetened drinks.  Products Exempted from Excise Tax -  Ready-to-drink beverages containing at least 75 percent milk or milk substitutes Baby formula/Baby food Beverages consumed for special dietary needs  Beverages consumed for medical uses. Rate of excise tax- As per the Cabinet Decision No. 52 of 2019 on Excise Goods, the rate of the excise tax is given as below: 50 per cent on carbonated drinks 100 percent on tobacco products 100 percent on energy drinks 100 percent on electronic smoking devices 100 percent on liquids used in such devices and tools 50 per cent on any product with added sugar or other sweeteners. New excise list and tax rates -  50 per cent on Sweetened drinks  100 percent on Electronic smoking devices and tools  100 percent on Liquids used in electronic smoking devices  Minimum Price for Tax Registration -  A minimum price of Dh0.40 must be applied per individual cigarette; and a minimum price of Dh0.10 must be applied on waterpipe tobacco, ready-to-use tobacco or similar product.  Records to be maintained as per Excise Tax Law in Dubai, UAE  A tax registered person is required to maintain the following documents as per the Excise Law in the UAE for a one-year period prior to Excise Tax implementation Accounts and supporting documents of all imported, produced or stockpiled Excise products/ goods. Proof of excise products sold outside the UAE. Supporting documents of excise goods exported outside the UAE. Detailed account of physical inventory held by the taxable person. Account of excise goods if lost or destroyed. Tax record regarding tax due on excise goods imported/manufactured by the taxable person in the UAE. Tax record regarding tax due on excise goods that are purchased or produced for the purpose of stockpiling. Proof of tax deducted on tax paid and submitted on excise goods sold outside the UAE Statement of item-wise details of excise goods physically kept by the taxable person in the context of value and quantity. Statement of information concerning average monthly inventory held by the taxable person. Statement of information concerning average monthly sale for each excise item. Statement of details concerning excise products manufactured by the taxable person. Statement of details concerning excise products purchased from outside the UAE (Import) by the taxable person. Item wise details of Excise goods produced by the taxable person. Item wise details of Excise goods imported by the taxable person. Item wise details of Excise goods sold locally by the taxable person. Item wise details of Excise goods sold outside the UAE (Export) by the taxable person. Item wise details of Excise goods released from the specified designated zone. Details of the companies and retailers the excise products are sold by the taxable person. Tax Compliance and Penalties  FTA has the authority to conduct audits of taxable businesses and then impose penalties on those that do not comply with the law.  FTA’s database is linked directly to the customs department and the taxable items under excise list have item codes that can be easily identified. Following the implementation of excise duties on the newly added items, importers will not be able to clear any of the taxable items through customs if they are not registered with the FTA. The failure to register for excise duties within the deadline invites a penalty of Dh20,000 The failure to register excess existing stocks of taxable items as of December 1, 2019, ahead of January 15, 2020, could invite a penalty of Dh20,000.
Excise Tax Registration - UAE
Excise tax registration A person who conducts (or intends to conduct) activities like producing, importing, transferring or stockpiling of excise goods should pay excise tax.  They must register within 30 days after either the onset of business, or the effective date of the law, whichever is earlier. They cannot be a part of any transaction involving excise goods until they have registered for excise tax in the UAE. There is no registration threshold for excise tax. Exceptions to excise tax registration A person who does not import excise goods regularly will not have to register for excise tax. They will need to prove that they do not import excise goods more than once in six months or four times in twenty-four months. Excise tax will still be due on imports where the value of the excise goods exceeds the duty-free threshold. Excise tax deregistration If a person who has registered for excise tax is no longer dealing with excise goods, they can apply for deregistration. Questions to ask yourself before completing the registration form Should I register for excise tax? Do I plan on supervising a Designated Zone as a warehouse keeper? If yes, you will need to complete additional forms. Do I have all the supporting documentation & information that I’ll need to upload? Am I an authorized signatory of the business being registered (a director, an owner, or someone with the power of attorney to sign on behalf of the business)?
Difference between 2D and 2.5D carbon fiber composite material
What is the difference between 2D carbon fiber composites and 2.5D carbon fiber composites? Let’s make a comparison between the two types. When we talk about 2D and 2.5D, we generally refer to low-density carbon fiber composite materials, generally the density will not exceed 1.5g/cm3. This article no longer introduces high-density products and structures such as 3D carbon fiber composite, 4D carbon fiber composites. Search keywords: low density, carbon fiber composites, large sheet, big plate, structure, 2D, 2.5D 2D refers to the carbon cloth laminated board: high flexural strength, easy to delaminate if the process is not good, the efficiency is faster than that of deposition, easy to make large size, generally used for material racks; carbon fiber content of 80%, uniform density, High strength and long service life. 2.5D refers to acupuncture preform pressed board: the strength is lower, but it is not easy to delaminate, the efficiency is faster than that of deposition, it is easy to make large size, and it is generally used for cover or guard plate; the carbon fiber content of acupuncture is only 30%, the density is uneven, the outer density is high, the inner density is low, 2.5D can also be made into high-density boards by CVI/CVD: deposition boards are generally not made in large sizes unless there are special requirements and special purposes. Its characteristics: higher comprehensive strength, long process time, not easy to make large size, easy to deform, generally used for structural stress parts. Among them, the aircraft brake disc is made of this structure and method, plus some other processes and formulas, and then the density of the finished product is about 1.8g/cm3 According to the above product characteristics and production process differences, you can choose the product type independently to meet your specific needs. In addition to the difference in process and cost, 2D and 2.5D carbon fiber composites are also slightly different in price, that is, 2D carbon fiber composites are more expensive than 2.5D carbon fiber composites under the same density and size. A little, about 10-20$/kgs higher. Price and comparison of 2D and 2.5D carbon fiber composites: 2.5D carbon fiber composite prices: density:1.2g/cm3, price: 90~120$/kgs. density: 1.4g/cm3, price: 100~130$/kgs; Ex.work basis, without machining and packaging costs! For this kind of 2.5D carbon fiber composite, under normal circumstances, the density of 1.5 will not be achieved. 2D carbon fiber composite prices: density: 1.2g/cm3, price: 100~130$/kgs. density: 1.4g/cm3, price: 110~140$/kgs; density: 1.4g/cm3, price: 120~150$/kgs; Ex.work basis, without machining and packaging costs! We will not describe the properties of 2D and 2.5D low-density carbon fiber composite materials in detail here, unless the density and strength of low-density sheets are required, as well as the flatness of processing. Other Names of the carbon fiber composite material: CFC, Carbon composite, C/C, carbon fiber composite, carbon carbon composite, carbon reinforced carbon, carbon fiber reinforced carbon, carbon carbon. For more detailed product introduction of carbon fiber composite materials, you can refer to https://www.cfccarbon.com/carbon-composite If you have any questions and technical needs of our help, please do not hesitate to let us know. Photos of 2D and 2.5D carbon fiber composite material: 2D CC plate-2.2mm T- (1) 2D CFC plates (1) 2D carbon composite 2.5D carbon fiber composite plates (1) 2.5D carbon fiber composite plates (2) Related news /products: 2.5D carbon carbon composite | C/C Composite material 2D carbon composite | C/C plates and sheets Introduction of carbon carbon composite, CFC, Carbon composite, C/C
VAT Return Filing Services In UAE
Calculation of VAT is a tiresome and dreary process as a compilation of entire taxable supplies and exports for the period has to be calculated. After subtraction of the net supplies and demand, VAT return has to be filed through the online portal of the Federal Tax Authority. It is done under the e-services by visiting eservices.tax.gov.ae by filling up the form for return filing, commonly known as Form VAT 201. Most importantly, VAT is applicable likewise on tax-registered businesses managed in UAE mainland as well as free zones, although the exchange of goods between designated zones are deemed tax-free.  The VAT return filing of UAE is highly difficult for businesses that have little or no experience in filing the VAT, as it requires consolidated details of sales/ purchase. The details also need to feed in a specified format according to FTA, making it more complex. Therefore, it is wiser for all kinds of eligible businesses to go after VAT return filing services offered by popular vat consultancy such as NSKT Global due to various perks: Collating and compilation of all transactions for filing VAT in described format by FTA. Development of summary and consolidated details of Sales/ Purchase, Output and Input VAT. Reduction of chances of missing the deadline to zero, ensuring compliance at all times. Utilization of the latest taxation software for efficient tax filing. FTA approved tax agents/experts available to represent in front of the authority on behalf of clients as and when required. Calculation of VAT is a tiresome and dreary process as a compilation of entire taxable supplies and exports for the period has to be calculated. With the integration of the latest technology, NSKT Global experts have become masters of VAT filing, which has built them an impressive clientele. NSKT Global is one of the best VAT Consultancy firms in the UAE. Our team is encouraged to foster open-mindedness in the services we deliver. It helps us understand the business goals of the organization before we start any engagement with the companies.
Global Polyaluminium Chloride Market Opportunities, Top Vendors, Industry Survey, Capital Investment and Trend Report By 2028- Zion Market Research
The Main Objective of the whole Polyaluminium Chloride Market 2022 Research report is to help the customer understand business in terms of scope, growth potential, fragmentation, opportunities, key market developments, changing consumer preferences, and new technological trends in the Polyaluminium Chloride market. The Polyaluminium Chloride market evaluation report consists of historical and forecasted market data shown by pie charts, maps, graphs, and Phased opportunity analysis in the study.The Top Key Players are Grasim Industries Ltd, Kemira Oyj, GEO Speciality Chemicals, Gongyi Filter Industry Co. Ltd, Airedale Chemical, Feralco AB, Synergy Multichem Pvt. Ltd, Kanoria Chemicals & Industries Limited, Gujarat Alkalies and Chemical Ltd, USALCO.. In addition, the report will also include the computed expected CAGR of the Polyaluminium Chloride market on the grounds of the prevailing and earlier records in relation to the global market. Moreover, it also offers pin-point analysis for altering the competitive dynamics of the market that can further help in decision-making. It also assists in recognizing the key products and their growth potential during the projected period. Major parameters covered under these company profiles include revenues, gross profits, operating income, COGS, EBITDA, sales volume, product offerings, company landscape analysis, key strategic moves, key recent developments, and technological roadmap. Click Here to Get “Free PDF Sample Report” Here:- https://www.zionmarketresearch.com/sample/polyaluminum-chloride-market Zion Market Research provides customization of reports as per your need. The report can be altered to meet your requirements. Contact our sales team, who will guarantee you to get a report that suits your needs.  ( We are Providing a Free Sample copy as per your Research Requirement, also including Covid 19 impact analysis )  The Polyaluminium Chloride market analysis report gives a detailed overview of the Polyaluminium Chloride sector, market segmentation, competitive analysis, and major industry developments. The Polyaluminium Chloride market analysis report offers insights about the market statistics based on data collected from primary and secondary research by industry experts. The Polyaluminium Chloride market research study is structured by the latest and most sophisticated methods to capture, process, measure, and evaluate market data. The Polyaluminium Chloride market report assesses the changing competitive fundamentals based on key market factors. The Polyaluminium Chloride market forecasts are offered based on historical and future prospects of supply and demand. ‘Zion Market Research’ analysts cover all key parameters required for COVID-19 effect on the business industry, economic implications their trends, factors, consumer behavior on shopping, the effect on spending lot of money on advertising and also on useful industries like medical, transportation, food and Beverage. The globally rising of the Bio crisis 'COVID-19' has many businesses are struggling and confused about what steps to take to minimize or maximize the economic impact.  Some of the key companies profiled in the global Polyaluminium Chloride market report include: Grasim Industries Ltd, Kemira Oyj, GEO Speciality Chemicals, Gongyi Filter Industry Co. Ltd, Airedale Chemical, Feralco AB, Synergy Multichem Pvt. Ltd, Kanoria Chemicals & Industries Limited, Gujarat Alkalies and Chemical Ltd, USALCO. The global Polyaluminium Chloride market has been segmented in the following manner: By Type: Fruits And Vegetables By Application: Application1, Application2, And Application3 Key regions covered in the world Polyaluminium Chloride market report include: The five regions are in a turned segment into major countries and geographies. The key countries included in the global Polyaluminium Chloride market report include U.S., Canada, Germany, UK, Italy, France, Spain, China, India, Southeast Asia countries,  South Korea, Japan, Australia, GCC countries, Turkey, Brazil, Egypt, Mexico, and South Africa among others. Browse Complete Report Before Purchase @ https://www.zionmarketresearch.com/report/polyaluminum-chloride-market take aways from the report: A comprehensive analysis of competition in the Polyaluminium Chloride market Increasing business market dynamics in the global Polyaluminium Chloride market Competitive landscape of Polyaluminium Chloride industry: Core market segmentation and product development strategy Future, niche markets/regions that have been exhibiting positive growth, in the Polyaluminium Chloride sector Insights into potential growth opportunities that will enable investors to execute key business strategies Reasons to buy the global Polyaluminium Chloride market report: New marketing channels and development trends are provided Demographic analysis and Competitive landscape gives a clear view of the market status on the worldwide platform The accurate mentioning of valuable sources and statistical data for directing interested manufacturers/companies Study on manufacturing processes, development plans & policies and costing provides a more beneficial idea about supply & demand, pricing, revenue, import/export consumption, and gross margins. Overall market growth rate and feasibility over the predictable time is concluded Availability of customization as per the requirement TOC of Report include-  1 Study Coverage     1.1 Polyaluminium Chloride Product     1.2 Key Market Segments in This Study     1.3 Key Manufacturers Covered     1.4 Market by Type         1.4.1 Global Polyaluminium Chloride Market Size Growth Rate by Type (Fruits And Vegetables)     1.5 Market by Application         1.5.1 Global Polyaluminium Chloride Market Size Growth Rate by Application (Application1, Application2, And Application3)     1.6 Study Objectives     1.7 Years Considered 2 Executive Summary     2.1 Global Polyaluminium Chloride Market Size         2.1.1 Global Polyaluminium Chloride Revenue         2.1.2 Global Polyaluminium Chloride Production     2.2 Polyaluminium Chloride Growth Rate (CAGR)     2.3 Analysis of Competitive Landscape         2.3.1 Manufacturers Market Concentration Ratio (CR5 and HHI)         2.3.2 Key Polyaluminium Chloride Manufacturers             2.3.2.1 Polyaluminium Chloride Manufacturing Base Distribution, Headquarters             2.3.2.2 Manufacturers Polyaluminium Chloride Product Offered             2.3.2.3 Date of Manufacturers Enter into Polyaluminium Chloride Market     2.4 Key Trends for Polyaluminium Chloride Markets & Products 3 Market Size by Manufacturers     3.1 Polyaluminium Chloride Production by Manufacturers         3.1.1 Polyaluminium Chloride Production by Manufacturers         3.1.2 Polyaluminium Chloride Production Market Share by Manufacturers     3.2 Polyaluminium Chloride Revenue by Manufacturers         3.2.1 Polyaluminium Chloride Revenue by Manufacturers          3.2.2 Polyaluminium Chloride Revenue Share by Manufacturers     3.3 Polyaluminium Chloride Price by Manufacturers     3.4 Mergers & Acquisitions, Expansion Plans 4 Polyaluminium Chloride Production by Regions 5 Polyaluminium Chloride Consumption by Regions 6 Market Size by Type     6.1 Global Polyaluminium Chloride Production by Type     6.2 Global Polyaluminium Chloride Revenue by Type     6.3 Polyaluminium Chloride Price by Type 7 Market Size by Application     7.1 Overview     7.2 Global Polyaluminium Chloride Breakdown Dada by Application         7.2.1 Global Polyaluminium Chloride Consumption by Application         7.2.2 Global Polyaluminium Chloride Consumption Market Share by Application 8 Manufacturers Profiles     Company Name         8.1.1 Company Details         8.1.2 Company Overview         8.1.3 Company Polyaluminium Chloride Production Revenue and Gross Margin         8.1.4 Polyaluminium Chloride Product Description         8.1.5 Recent Development         and others 9 Production Forecasts 10 Consumption Forecast 11 Value Chain and Sales Channels Analysis     11.1 Value Chain Analysis     11.2 Sales Channels Analysis         11.2.1 Polyaluminium Chloride Sales Channels         11.2.2 Polyaluminium Chloride Distributors     11.3 Polyaluminium Chloride Customers 12 Market Opportunities & Challenges, Risks and Influences Factors Analysis     12.1 Market Opportunities and Drivers     12.2 Market Challenges     12.3 Market Risks/Restraints     12.4 Key World Economic Indicators 13 Key Findings in the Global Polyaluminium Chloride Study 14 Appendix     14.1 Research Methodology         14.1.1 Methodology/Research Approach             14.1.1.1 Research Programs/Design             14.1.1.2 Market Size Estimation             14.1.1.3 Market Breakdown and Data Triangulation         14.1.2 Data Source             14.1.2.1 Secondary Sources             14.1.2.2 Primary Sources     14.2 Author Details     14.3 Disclaimer Read our other reports: Space Situational Awareness (SSA) Market expected to reach approximately USD 1,495 million by 2027, at a CAGR of slightly above 4.6% between 2019 and 2027 Aircraft Fastener Coatings Market expected to generate around USD 1,356 million by 2026 Automotive LiDAR Market at a CAGR of slightly above 28.2% between 2019 and 2025 Reporter Gene Assay Market expected to generate around USD 3.01 billion by 2025, growing at a CAGR of around 10.6% between 2019 and 2025 Organ-On-Chip Market growing at a CAGR of around 27.73% between 2019 and 2025 Please contact at the following address: Zion Market Research 244 Fifth Avenue, Suite N202 New York, 10001, United States Tel: +1 (844) 845-5245 Email: sales@zionmarketresearch.com
VAT Deregistration Service in UAE
VAT de-registration, also known as cancellation or termination of VAT registration is typically done when a business needs to cancel its VAT registration with the UAE Federal Tax Authority. VAT deregistration in UAE can be approved by the FTA only if the termination reasons are valid and the conditions are fulfilled as per the law. Businesses in UAE can de-register from VAT in case if their turnover after registering with the FTA did not exceed AED 187,00 in the first 12 months after registration or if the business ceases producing taxable supplies Deregister for VAT VAT Deregistration in UAE is an online procedure done through FTA portal. Nevertheless, the businesses which stop functioning need to obtain company liquidation letter from the Govt authorities to apply for the deregistration of VAT. offers seamless VAT deregistration services in Dubai and UAE to help businesses cancel their VAT services. In a recent issuance, the FTA announced that companies can opt for deregistration from the VAT based on certain conditions in accordance with the Federal Decree-Law No. 8 of 2017. VAT De-registration in UAE is a procedure that allows a business to withdraw from paying taxes either voluntarily or mandatorily. Once the application for the VAT deregistration in UAE is submitted to the FTA; it will check the application and cancel the VAT number provided to the entity if it has complied with the law. If the reasons are not valid and the conditions are unfulfilled, the FTA may reject the application for deregistration. The FTA proclaimed that the UAE Tax System is based entirely on voluntary compliance by Taxable Persons, whether it is with regard to registration, filing Tax Returns and payment of due tax or de-registration. Hence, a company can apply for the deregistration voluntarily or mandatorily, as discussed below: - Voluntary Deregistration As per Article 17, a Registrant cannot apply for VAT Deregistration within 12 months of the date o Tax Registration. A company can go forward with voluntary deregistration procedure: - If it has completed 12 months of the date of Tax Registration. If it does no longer supply the goods that are taxable. If its annual turnover is below AED 187,500 even after supplying taxable goods. If its total value of the anticipated taxable supplies or expenses subject to tax in the coming 30-days period will not exceed the voluntary registration threshold. If the company is closed forever. Mandatory Deregistration A company can go forward with mandatory deregistration procedure: - If the company no longer makes revenue of AED 375,000. If the company doesn’t supply any taxable goods. VAT Deregistration for Groups FTA will approve the cancellation of VAT registration for a group: - If the registered business no longer meets the requirement to be considered as a group. If the companies in the group are no more financially associated with the group. If it foreknows the tax status as a group can result in any sort of tax evasion. Once the deregistration number is approved, the authorities will cancel the VAT number issued on registration. If any company wishes to reregister, they can fill the registration form once again, and a new VAT number will be issued to them. Situations for disapproval of the application The registrants will not be de-registered if, It fails to submit the application within 20 business days. It has not paid all due taxes and administrative penalties. It has not filed all required tax returns for the period in which they were registered. Failure to submit the de-registration application within the period specified in the tax legislation will lead to the imposition of administrative penalties of Dh 10,000 as stipulated in the Cabinet Resolution No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE. How to Submit Deregistration Form? Fulfil all the criteria to deregister for VAT in UAE. Log in to the VAT Account on FTA Portal. Fill the VAT deregistration form along with the details and the reason for the VAT deregistration. Receive SMS confirmation on the registered number for submission. Submit the form electronically. After the successful submission, you will find the application status as “Pre-Approved.” It will be “Approved” only when you clear all the liabilities. If you have any plan to continue your business or you are waiting for any new investor, it is not advisable to move forward with the VAT cancellation process. If such a situation arises, better keep the TRN, and file the tax return as ZERO if the company expect a good return within the next twelve months period.
Excise Tax Compliance Service In UAE
Excise duty is levied on taxable persons who sell certain types of goods that are harmful to the environment or to human health. These companies have to comply with the UAE excise duty laws, which include registration, filing of declarations, voluntary disclosures, and many others. However, the Federal Tax Authority is always updating new reporting requirements on excise duty compliance in the UAE. For this reason, companies recognize the importance of the perfect implementation of excise duty laws and regulations. Our tax consultants in Dubai will help you adapt to the changing FTA regulatory landscape. Excise duty law in the UAE According to Federal Decree-Law No. 7 of 2017, companies are required to register if they deal in excisable goods in any emirate. This includes electronic smoking devices, tobacco, carbonated beverages, energy drinks, etc. Under the FTA, all taxable entities are obliged to comply with the excise duty regime in the UAE. The government is constantly updating the tax laws to stay one step ahead. To comply with UAE tax rules, FTA auditors will check the accuracy and compliance of your excise tax records at any time. What does excise compliance mean? Excise compliance simply means ensuring that your excise records comply with your local tax obligations. The Federal Tax Authority is responsible for the collection and assessment of taxes in all Emirates of the UAE. The relevant regulatory authorities will check your excise tax registration, returns, and filing in accordance with the tax period. Proper handling of excisable goods will exempt you from FTA non-compliance penalties. The ultimate objective of excise compliance The main objective of excise duty compliance in the UAE is to protect companies’ accounts from heavy fines from the FTA. The administering tax authority will subsequently impose penalties on a company that fails to comply with the excise duty laws. They are imposed for incorrect registration, late filing of declarations, submission of invalid documents, or other information. The FTA is very strict in imposing penalties for non-compliance with excise duty rules. It is therefore advisable to hire professional consultants to provide excise duty services in the UAE and to ensure that all necessary compliance obligations are met. Why is it difficult for companies to comply in the UAE? The tax authority in the UAE is constantly changing laws and regulations to attract investors to the country. The UAE government has done this in order to beat the global business competition. But this makes it harder for companies to comply with tax rules. Businesses are confused about the right time to register, whether they are over the threshold, how often they need to file an excise tax return in the UAE, and so on. This is because yesterday’s excise duty compliance may not be the same as today. For a successful excise duty application, always set FTA guidelines. What do you get in our excise compliance service? Excise compliance in the UAE is a very important process that has undergone significant changes to save the country from the harmful effects of excisable goods. When managing your excise compliance, our tax consultants highlight a number of factors. Let us discuss our excise compliance services which include: To carry out an excise duty assessment Excise duty valuation is the process of determining the value of excisable goods. It involves calculating the amount of excise duty according to the excise duty rate. Valuation is important because even a small error in the calculation can lead to the loss of tax records. expert excise consultants efficiently process and calculate the amount of tax payable to the government, leaving no room for error. We provide targeted assistance to individuals and businesses to help them comply with excise duty requirements. Timely submission of excise declarations Excise tax returns must be filed accurately with the FTA for each tax period. A registered legal person who fails to submit an excise duty return on time is not only liable to fines, but also to a loss of reputation. Our tax advisors ensure that your returns are filed correctly and by the due date. We file your statutory declarations together with your returns to ensure transparency of excise goods. Amendments to your excise duty register Excise duty records must be up-to-date and accurate to avoid FTA penalties. Poor excise duty records can make it difficult for registered businesses to register for excise duty, submit declarations and obtain refunds. If you find yourself in a similar situation, you can consult our tax experts in Dubai. Our team maintains and amends your records in accordance with tax laws, so take advantage of our best excise services in the UAE. Review all your excise tax information The accuracy and validation of your excise documents and other related information are paramount to excise compliance. A small error or omission of information can lead to fines and penalties. That’s why our tax experts in Dubai check and prepare all your supporting documents in accordance with FTA guidelines, so you can avoid unexpected compliance issues. Advice on FTA notifications To ensure compliance with the UAE excise duty laws, every taxpayer must keep abreast of any amendments made by the authority. However, this may seem too complicated for a businessman due to a lack of knowledge and time. Our tax consultants keep you up-to-date with the excise notifications received from the Federal Tax Authority. We help companies with their complex tax issues and procedures.
UAE Accounting Services
Each territory you enter will have its own accounting challenges, and the middle east is no different.  Working with our local experts can help you to overcome the challenges and head for success. Accounting in the UAE is not triggered by tax filing requirements but is more of a corporate law requirement. The UAE does not have any federal tax on income and wages, resulting in fewer accounting requirements prescribed by the government compared to countries that do levy tax. Yet even in a tax- free environment it is critical to create an accounting structure that produces accurate information and analysis as a base for strategic decision-making. Based on recent company laws, company management is responsible for having accounts that give a true and fair view of the company to its shareholders. More and more authorities have imposed the requirements to file the audited financial statements as part of the company license renewal requirements. Entities with regulated activities in the UAE - for example, entities that are regulated by the Central Bank, DFSA - are obliged to file their accounts on the regular basis with the regulator. This can be on quarterly to annual basis. Bookkeeping and reporting services Considering the nature of the entity's operation, we estimate that the following monthly bookkeeping services are required: Monthly bookkeeping in the local applicable GAAP and IFRS with the local adjustments when necessary Preparation of monthly financial reporting (in either our own format or yours if you let us know requirements) Monthly bookkeeping Prepare sales journal, purchase journal and other journal entries Record all payments and funds received Record all accounts receivable and accounts payable Record all assets purchased and related depreciation Record prepayment and accruals Financial reports Let us know your requirements, and we will prepare a reporting package to suit. The completed report package will be submitted to you before the 18th of the following month, provided all the necessary information and documents are prepared and made available to us on a timely basis. The report shall include: Balance sheet Income statement Trial balance Bank reconciliation statement General ledger listing Balance sheet and selected expenses schedules Petty cash report Clients monthly reporting package, if required The computation of the accounts are based on the relevant records/documents, information and explanation supplied to us. The control, accuracy and completeness of is therefore the responsibility of you and your company management. Accounts payable service As part of our accounting services, we can also support clients who do not have a UAE bank account to manage accounts payables. Since the local entity will be a newly established company, a payment frequency of two times in a month will be sufficient. Invoice review and preparation for payment documentation  Setting up payment in the banking system Payment approval by management and senior staff Payment documents administration and reconciliation with the accounts payable list Client and supplier correspondence
Corporate Tax Registration in UAE
In January 2022, Ministry of Finance announced that it will introduce federal Corporate tax (CT) on the net profits of businesses. The tax will become applicable either on 1 July 2023 or on 1 January 2024, depending on the financial year followed by the business. CT will be applied across all the emirates. Introduction about Corporate tax What is Corporate tax (CT)? Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business. Objectives of CT By introducing the CT, the UAE aims to: cement its position as a leading global hub for business and investment accelerate its development and transformation to achieve its strategic objectives reaffirm its commitment to meeting international standards for tax transparency and preventing harmful tax practices. Scope CT will apply to: all businesses and individuals conducting business activities under a commercial license in the UAE free zone businesses (The UAE CT regime will continue to honor the CT incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business set up in the UAE’s mainland.) Foreign entities and individuals only if they conduct a trade or business in the UAE in an ongoing or regular manner Banking operations Businesses engaged in real estate management, construction, development, agency and brokerage activities. Exemptions from CT Below are the rules regarding exemptions from the corporate tax. Businesses engaged in the extraction of natural resources are exempt from CT as these businesses will remain subject to the current Emirate level corporate taxation. Dividends and capital gains earned by a UAE business from its qualifying shareholdings will be exempt from CT. Qualifying intra-group transactions and reorganizations will not be subject to CT, provided the necessary conditions are met. Additionally, CT will not apply to: an individual earnings salary and other employment income, whether received from the public or the private sector interest and other income earned by an individual from bank deposits or saving schemes a foreign investor’s income earned from dividends, capital gains, interest, royalties and other investment returns investment in real estate by individuals in their personal capacity dividends, capital gains and other income earned by individuals from owning shares or other securities in their personal capacity. CT Rate As per Ministry of Finance, CT rates are: 0 per cent for taxable income up to AED 375,000 9 per cent for taxable income above AED 375,000 and a different tax rate (not yet specified) for large multinationals that meet specific criteria set with reference to 'Pillar two' of the OECD Base Erosion and Profit Shifting Project. Federal Tax Authority (FTA) will be responsible for the administration, collection and enforcement of the CT. FTA will soon provide more references and guides about corporate tax and information on how to register and file returns on its website.
What Are Net 30 Business Accounts And How Do They Work?
Invoice-based credits are a payment plan for which you have 30 days to pay your invoice from the date of receipt. This is moreover called net 60 or net 90, depending on the number of days you want to pay. Net 30 is one of the most widely recognized payment plans for business-to-business transactions. Exactly when Net 30 Business Accounts are on your side, you can stay away from late costs and various charges related to the delinquency of payments. This system may similarly help with expanding pay which could be particularly valuable for associations that are growing rapidly or created by the acquisition. Besides, it gives a fast turnaround if any inquiries arise since invoices are paid rapidly. Net 30 terms can help associations with handling issues with income and work on their essential worries. They allow you to invoice your clients for administrations and products and offer Net 30 Business Accounts payment terms, and that implies that the client has thirty days from the date of receipt to pay you. Net 30 is once in a while referred to as net 60 (if sixty days) or net 90 (if ninety days). With net 30 terms, you can provide your clients with resources and tools to simplify it for them to pay their invoices on time. Invoice-based credits are a payment plan for which you have 30 days to pay your invoice from the date of receipt. This is moreover called net 60 or net 90, depending on the number of days you want to pay. Net 30 is one of the most widely recognized payment plans for business-to-business transactions. Exactly when Net 30 Business Accounts are on your side, you can stay away from late costs and various charges related to the delinquency of payments. This system may similarly help with expanding pay which could be particularly valuable for associations that are growing rapidly or created by the acquisition. Besides, it gives a fast turnaround if any inquiries arise since invoices are paid rapidly. Net 30 terms can help associations with handling issues with income and work on their essential worries. They allow you to invoice your clients for administrations and products and offer Net 30 Business Accounts payment terms, and that implies that the client has thirty days from the date of receipt to pay you. Net 30 is once in a while referred to as net 60 (if sixty days) or net 90 (if ninety days). With net 30 terms, you can provide your clients with resources and tools to simplify it for them to pay their invoices on time. How might I get set up with Net 30 Business Accounts? Net 30 Business Accounts are a crucial system for any business wanting to create and develop its client base while keeping up with control of cash flow. While net 15, net 20, net 45 and net 60 payment terms can be worthwhile in specific conditions, various associations find that setting up with providers who offer net 30 (30 days) is the very ideal situation. There are two or three things to remember while looking through the net 30 suppliers. In any case, make sure to have your credit history and business funds altogether. Suppliers should be sure that you are a dependable and credit-worthy business partner extending the Net 30 Business Accounts. Net 30 terms can be profitable for associations. Associations should keep net 30 necessities while looking throughout suppliers with net 30 payment plans. It is indispensable to have areas of strength for a set of experiences and financials before applying net 30 business methodologies. Providers should see that the business they are working with has trustworthy unwavering quality before growing the net 30 terms. While searching for net 30 providers, it is basic to remember that not all providers offer net 30 terms. Providers consistently require credit applications and business financials to fit the bill for net 30 payment plans. Conclusion Net 30 Business Accounts are an incredible strategy for building seller associations and expanding your business' advantage. For this sort of payment system to work, you ought to be on top of making payments as quickly as could be expected so merchants know they can entrust you with their things or administrations. No entrepreneur needs to make pay issues so the most convincing thing you want to focus on is being helpful and reliable as per these associations that will lead them into broadening net 30 terms in the future! Do any of your merchants offer Net 30 Business Accounts? If not, it might be worth reaching out and seeing whether there's an opportunity for future associations.