The UAE Ministry of Finance (MoF) announced on 31 January 2022 that a new federal corporation tax (CT) system will be adopted in the United Arab Emirates, effective financial years beginning on or after 1 June 2023. Except for Bahrain, the United Arab Emirates has the lowest corporate income tax rate in the GCC, at … Read more
What Corporate Tax Deregistration Is Corporate Tax deregistration is the formal process through which a taxable person cancels their Corporate Tax registration with the Federal Tax Authority (FTA), terminating their obligation to file Corporate Tax returns and pay Corporate Tax. Deregistration does not mean that past liabilities are extinguished. All outstanding Corporate Tax returns must … Read more
Excise tax is one of the taxes imposed on businesses in the UAE, applied to specific goods such as tobacco, sugary drinks, and energy drinks. Excise tax is levied at a standard rate of 100% on tobacco products and 50% on energy drinks and soft drinks containing sugar. Businesses that import or manufacture excise goods … Read more
VAT and Excise Tax have practically become a norm for businesses in the UAE. Excise Tax often raises more questions since it applies only to specified products, tobacco, energy drinks, and carbonated drinks, that the government deems harmful to public health or the environment, functioning as both a revenue tool and a consumption deterrent. Voluntary … Read more
It is been widely known that the Value Added Tax (VAT) rate will be 5%, and recently, there is another tax that has been introduced—the Excise Tax. Excise Tax applied to tobacco, energy drinks, and carbonated drinks. The rates of each are 100%, 100%, and 50%, respectively. The latter is expecting to affect consumers in … Read more
Excise tax is a levy applied to specific goods considered harmful to human health or the environment. In the UAE, this covers tobacco products, energy drinks, and carbonated beverages, currently taxed at 100% for tobacco and 50% for energy drinks and carbonated beverages. Excise tax isn’t automatically avoided just because goods sit within a UAE-designated … Read more
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