The Federal Tax Authority (FAT) of UAE has declared that all the businesses should file their returns for excise tax on or before November 14 Wednesday to avoid paying penalties.
During the last month 100 percent tax were imposed for the items such as tobacco and energy drinks and 50 percent levied on fizzy drinks (excluding carbonated water).
The Director General of the FTA Mr. Khalid Al Bustani said that “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”. And also charges a high penalty for those companies which are failed to submit tax return on Wednesday. It may be Dh1,000 penalty for first time offence and Dh2,000 for repetition within 24 months.
The UAE government entity responsible for administering, implementing, and collecting federal taxes in the Emirates, excise taxes are payable by the individual or entity producing or importing products eligible for the tax.
