Tax authority clarifies price-setting mechanism for excise tax in UAE

- Advertisement -

Following the introduction of excise tax in the UAE on October 1, the Federal Tax Authority (FTA) has clarified that the Excise Goods Price List downloadable from its website is a reference for tax calculation only — and not for setting retail prices.

As such, the authority has requested that producers or importers of goods likely to be subject to Excise Tax —  including energy drinks, carbonated drinks and tobacco products — inform the FTA through its website of brands that should be added to the list.

“The registration process for excise tax is well on track and we now have an extensive database of excise taxable persons,” said Khalid Al Bustani, Director-General of the FTA. Al Bustani explained that fixing the prices of products for retail is not within the jurisdiction of the FTA, it’s the duty of other departments to monitor the prices according to the mechanism set out in the Federal laws.

Source Credit: Khaleej Times
Read full story:


- Advertisement -