The amendments of some provisions of the law aim at supporting the business sector, facilitating fulfilment of obligations for taxable persons, minimising tax avoidance, and addressing challenges related to the application of the excise tax.
The UAE Ministry of Finance unveiled amendments to some provision of the Federal Decree-Law No 7 of 2017 on Excise Tax, effective from October 14, 2022.
The amendments of some provisions of the law aim at supporting the business sector, facilitating fulfilment of obligations for taxable persons, minimising tax avoidance, and addressing challenges related to the application of the excise tax.
The UAE Ministry of Finance unveiled amendments to some provision of the Federal Decree-Law No 7 of 2017 on Excise Tax, effective from October 14, 2022.
The amendments of some provisions of the law aim at supporting the business sector, facilitating fulfilment of obligations for taxable persons, minimising tax avoidance, and addressing challenges related to the application of the excise tax.
Provisions for the statute of limitation relating to tax audits, tax assessments and permissible time-frames to submit a voluntary disclosure have been added. The Statute of Limitation Article sets the maximum time-frame in which the FTA – which is responsible for the enforcement of Excise Tax – can act. Once this period expires, the FTA is generally precluded from taking actions.
Generally, the FTA may not conduct a tax audit or issue a tax assessment to a taxable person after the expiration of 5 years from the end of the relevant tax period. In accordance with the provisions, there are exceptions to that general rule.