1 / 12

Rbsaccounting company profile

RBS Accounting group ensures the legal following when providing services. Setting up a business in this region will require you to first choose the type of business you want to set up. You can set up a company in the Freezones without any local participation. For more details visit https://www.rbsaccounting.com/business-advisory/ Call us on 971- 4583- 9911

rbsaccounting
Download Presentation

Rbsaccounting company profile

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ANALYSIS OF THE EXCISE TAX PUBLIC CLARIFICATION RELATING TO STOCKPILING OF EXCISEGOODS KEY FACTS, COMPLIANCE OBLIGATIONS, ACTIONPOINTS Copyright © 2019 RBS Group. Allrights reserved

  2. WHO ARESTOCKPILERS Any person who holds stocksof O Sweeteneddrinks O Electronic smoking devices andtools. O Liquids used in electronic smoking devices andtools which are “excess in quantity” and excise tax was not accounted for, the same shall be regarded as a stockpilerand required to register for excisetax. Copyright © 2019 RBS Group. Allrights reserved

  3. EXCISERATES Copyright © 2019 RBS Group. Allrights reserved

  4. WHEN WILL THE PROVISION COME INTOEFFECT? Federal Tax Authority has recently clarified the responsibilities of Stockpiler in respect of Excise Tax Law. The stockpiler provision will be applicable from 1st of December2019. Copyright © 2019 RBS Group. Allrights reserved

  5. CONDITION FORSTOCKPILER Goods are held infree circulation in theUAE, Intended to be sold inthe course of businessand Excise Tax on thosegoods has not been previouslypaid. They are ‘excess’excise goods. Copyright © 2019 RBS Group. Allrights reserved

  6. WHAT ARE ‘EXCESS’ EXCISEGOODS? Excise goods are considered to be excess excise if they meet all ofthe followingconditions: • The goods are owned by a person on December 01,2019 1 • The goods are acquired by the stockpiler prior toDecember 01,2019; 2 • The goods are intended to be sold by the person in thecourse of business;and 3 • Quantity of excisegoodsowned > the average monthlystock holding level held by theperson 4 Copyright © 2019 RBS Group. Allrights reserved

  7. CALCULATION OF EXCESS EXCISEGOODS 12 months AverageMonthly Stock Excise Stockas on 1st December2019 > OR 2 Times of 12 MonthsAverage Sales > “ Excess”Excise Goods • Which ever is higher of theabove. • Average Monthly Stock = ((Opening stock Qty + Closing StockQty)/2) Copyright © 2019 RBS Group. Allrights reserved

  8. ARE YOU ASTOCKPILER? Get your books Audited (Stock Audit) https://www.rbsacco unting.com/ Register under Excise Yes Copyright © 2019 RBS Group. Allrights reserved

  9. CONTINUED…. Get your books Audited (Stock Audit) https://w ww.rbsac counting. com/ then the Excise Tax collected must be declaredand paid via the respective Excise Tax return Register under Excise Yes Whether charged and collect Excise Tax on the saleof such stock (inerror) No Get your books Audited (Stock Audit) https://www.rbsaccou nting.com/ No Copyright © 2019 RBS Group. Allrights reserved

  10. HOW CAN RBS GROUP HELP? O Services related toStockpiling O Physical Verification of ExcisableStock O Issuance of Audit Report for stockpiler / nonstockpiler O Identification of Products on which Excise Tax will be applicable O Registration of Excise Tax & Warehouse Keeper Registration OCompliance O Excise Taxadvisory O Filing of monthly ExciseReturn. 10 Copyright © 2019 RBS Group. Allrights reserved

  11. NEED ASSISTANCE ORADVICE? Contact: Sijin K Ravi ManagingDirector rbs@rbsaccounting.com https://www.rbsaccounting.com/ +971 50 1755867 RBS TaxConsultants RBS & AbdulrahmanAuditing Office no 909, Grosvenor BusinessTower Barsha Heights, Sheikh ZayedRoad Dubai, PO Box392523, United ArabEmirates Tel: +971 45839911 11 Copyright © 2019 RBS Group. Allrights reserved

  12. www.rbsaccounting.com Thisinformationcontainedhereinisin summaryformandisthereforeintendedforgeneralguidance only. This publication is not intended to address the circumstances of any particular individual or entity. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. This publication is not a substitute for detailed research and opinion. Before acting on any matters contained herein, reference should be made to subject matter experts and professional judgment needs to be exercised. RBS Group will not accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in thispublication. 12 Copyright © 2019 RBS Group. Allrights reserved

More Related