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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 law is applied to products described in the excise goods category, including tobacco, energy drinks, carbonated drinks, etc. E & H 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.
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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.
The introduction of VAT in the UAE has enforced consistent accounting practices, making it easier for businesses to consolidate and maintain the tax regime. Henceforth, businesses are required to appropriately record all financial transactions, invoices, and cash outflows to remain compliant with the new tax laws and to file their VAT returns on time.
