Home Industry Finance UAE tax authority launches website with details about VAT, excise taxes From mid-September, businesses will be able to register with the tax authority through the website by Aarti Nagraj August 27, 2017 The UAE’s Federal Tax Authority (FTA) has launched its website, providing all the information on the upcoming introduction of excise tax and VAT in the country. Excise taxes – set to be imposed on tobacco products, soft drinks and energy drinks – will take effect from October 2017. The tax rates are 100 per cent for tobacco products and energy drinks and 50 per cent for soft drinks, according to officials. Also read: UAE to implement tobacco, soft drinks tax in October UAE President issues federal excise tax law for tobacco, soft drinks Meanwhile value added tax (VAT) is scheduled to be implemented from January 2018 at a rate of 5 per cent. From mid-September, businesses will be able to register with the tax authority through the website (www.tax.gov.ae), a statement said. Also read: UAE expects VAT tax laws to be issued in Q3 2017 All you need to know about the UAE’s tax administration system The website will also provide advice and guides to help businesses determine if they are eligible to register, as well as guidance on the registration process. Businesses can also register and attend VAT and excise tax live sessions conducted by the FTA around the UAE and webinars and offline training sessions. The website will also have an FAQ section, a media section and also a careers’ portal for those seeking jobs at the FTA. Overall, it will detail all the different types of indirect taxes in the country, the legislations regulating them, and the objectives and benefits to the UAE economy. “Launching the Federal Tax Authority’s website is a significant and impactful step forward towards implementing an efficient and transparent tax system in the UAE,” said Khalid Al Bustani, director general of the FTA. “The website is full of rich content that is presented in a clear, and concise way that aims to communicate with the UAE community, businesses and individuals. We trust it will be the go-to resource for businesses and consumers seeking information and reassurances about the new tax system. “Implementing taxes in the UAE serves to diversify and, as a result, strengthen our economy. This requires that all stakeholders step up and demonstrate their readiness to effectively and efficiently adopt the new systems and procedures.” Preliminary estimates suggest excise taxes will add Dhs7bn a year to the state budget, while the imposition of VAT is anticipated to generate approximately Dhs12bn in the first year of introduction. 0 Comments