Sunday, 1 October 2017

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Executive regulation on excise tax released



It confirmed the 50% tax bracket for carbonated drinks, excluding carbonated water, and the 100% tax bracket for tobacco products and energy drinks

Dubai: On the final day before the introduction of the UAE’s first tax, the Ministry of Finance published the government’s executive regulation on excise tax, as well as its cabinet decision on excise goods, excise tax rates, and the method of calculating the excise price.

It confirmed the 50 per cent tax bracket for carbonated drinks, excluding carbonated water, and the 100 per cent tax bracket for tobacco products and energy drinks.

Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, said in a statement: “Today’s Cabinet decisions, which detail the Executive Regulations of the Excise Tax law and specify the taxable goods, tax rates and the method of calculating the tax, mark the culmination of our preparation phase. As of October 1, we will begin implementing the first phase of the tax system, by applying Excise Tax — at a rate of 50 per cent to 100 per cent — on designated products that are deemed harmful to people’s health.”

“We have successfully set up the adequate legislative and administrative environment for launching the tax system,” Al Tayer continued. “The laws and regulations that have been issued seek to regulate the relations between all stakeholders, allowing them to work together and curb the consumption of these harmful goods, which helps establish a healthier environment in the UAE.”

The laws published on the ministry’s website detailed how an individual or a business should go about paying their tax, where along the supply chain the tax should be collected, and when the tax should be paid.
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