The United Arab Emirates (UAE) has imposed Excise Tax with effect on October 1st, 2017.
In an exclusive interview with UAE official news agency WAM, Undersecretary of the Ministry of Finance Younis Haji Al Khouri said, “The tax shall impact all excise goods consumed inside the country, including all the country’s free zones and ports”.
Younis Haji Al Khouri said the Executive Regulations shall determine the procedures, controls and percentage of the tax, which he explained will reach 100 per cent for tobacco and energy drinks and 50pc for sugary fizzy drinks.
He affirmed that there are no other goods until now determined to be subject to the new tax.
It is estimated that around Dh7 billion in annual revenues will be generated through taxation for the UAE budget.
It is also announced that commodities carried away out of the country by outbound travelers would not be impacted by the tax, while those carried into the country would be subject to the new law. (PhotoNews / Geo News)
