The Federal Tax Authority Updates VAT and Excise Tax Guides

The Federal Tax Authority (“FTA”) has issued a new version of the VAT Import Declaration User Guide. The updates to the guide are mainly editorial in nature.

The FTA has also updated the Warehouse Keeper and Designated Zone User Guide for excise tax.  The key change was that the designated zone registration must be renewed annually in order to preserve the designated zone status.  A fee of AED 2,000 is payable for the renewal.

What should you do next?

Importers, warehouse keepers and companies in designated zones should continuously ensure that they remain compliant with VAT import procedures and excise tax related rules as prescribed by the FTA.

How can we help?

Al Tamimi & Company can assist you with the following:

• develop a VAT and excise tax risk management framework and strategy in line with your corporate and business strategy;
• perform VAT and excise tax health checks to assess VAT profile, compliance status and potential tax risks arising from your business operations;
• analyse the VAT implications of specific transactions; and
• negotiating on your behalf with the FTA and representing your organisation in complex tax disputes, audits and litigation.

KSA Tax Developments

In the KSA, the latest tax developments include the following:

• GAZT has published an English translation of VAT guidelines relating to employee benefits;
• KSA has signed the Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting; and
• new disputes resolution committees have been formed.

Please click here to read more about the latest KSA tax developments.

Al Tamimi has a strong regional tax practice with local tax expertise in the UAE, and the team are well placed to advise you on relation to your corporate tax, VAT, excise tax and customs issues.

Please do not hesitate to contact Al Tamimi’s Tax Team if you require any assistance.