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New Excise Tax

NEW! Excise Tax Reporting

Requirements by FTA

WHAT?

Opening Stock

Declaration

(EX204)

WHO?

Tax Warehouse

Keepers that

operate in

Designated Zone

WHEN?

January 1 to 

January 31

2021

Speak to our Excise Tax Expert

Excise Tax Stock Reporting Requirements introduced by FTA

The Federal Tax Authority of the UAE is preparing to implement a supplementary regulation on the movement of stock to and from designated zones.

They have confirmed that the Excise tax Taxpayers will only be permitted to transport the stock up to the quantity that has been previously declared. This new requirement applies to all Tax storekeepers that operate in their specified Zones and must comply and submit the Opening Stock Declaration (EX204) from January 1 – January 31, 2021.

New Excise Tax 3
New Excise Tax 4

Every Excise Taxpayer that operates a Designated Zone has to fill out the Opening Stock Declaration (EX204) for the period from January 1 – January 31, 2021, and is mandated to appoint a certified external auditor to audit the new stock reporting requirements. Failure to submit the Opening Stock Declaration on or before January 31, 2021, will be sanctioned and will be restricted from moving the stock out of the Designated Zone.

Excise Taxpayer that operates a Designated Zone can avoid potential disruptions in the movement of the stock and penalties by complying to the timeline given by the FTA and by appointing certified external auditor to eliminate the risk.

How can we help you with your Excise Tax Reporting Requirements?

  • We will reviewing the excise tax return
  • We will be audit of year-end inventory / stock balance
  • We will help you comply with needed declaration/forms by FTA

Speak to our Excise Tax Expert

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