Welcome to what has been described as the twilight mystical world of VAT, by a High Court judge. If someone of that stature considers it difficult to fathom out, what chance have the rest of us got?
So we established RNG Management Consultancies with a team of VAT experts and Management Consultants in September 2017 with an objective to provide one-stop solution for Tax Consultancies especially VAT, Excise Tax and Management advisory services to businesses based in UAE. This firm was formed to assist the existing audit clients of RNG Auditors under the same roof and also help the potential new clients for VAT, Excise Tax and Management advisory services.
VAT Compliance in UAE is governed by:
- Federal Law No. 7 of 2017 on Tax Procedures,
- Federal Law No. 8 of 2017 on Value Added Tax, and
- UAE VAT Executive Regulations.
RNG provides the following services:
- Corporate Tax
- VAT Advisory services
- VAT Implementation services
- VAT Registration services
- VAT Compliance services
- Excise Tax Consultancy services and
- Management Consultancies.
Excise Tax is an indirect tax levied on imports and productions of specific goods in U.A.E. These goods are typically not good to human health or the environment. The intent of the tax is to discourage consumption of these goods with increasing revenues for the government that can be spent on public beneficial services.
UAE applies a 50% Excise Tax on Sugar Sweetened Beverages (“SSBs”) and a 100% Excise Tax on electronic smoking devices and equipment, as well as on the liquids used in electronic smoking devices and equipment.
Who is subject to Excise Tax?
If you are engaged in importing, exporting, manufacturing, trading, storing or transporting excisable goods such as tobacco, alcoholic beverages, soft drinks and energy drinks, the new GCC Excise Tax system will have a significant impact on your business.
The importers, manufacturers and in certain cases other agents in the supply chain are liable to register for Excise Tax, submit periodical returns, pay the Excise Tax due to the local authorities and maintain specific Excise Tax records.
How can we help you?
- Handling Excise Tax effectively will help your business to reduce the risk of non-compliance while ensuring an efficient management of the Excise Tax liability through the use of the available exemptions, refunds, suspension cases and customs reliefs.
- We have a dedicated team for Excise Tax who are helping our clients to obtain the best possible practical knowledge to ensure compliance whilst avoiding unnecessary costs, disruption in the supply chain and reputational damage.
- Perform industry focused business reviews to ensure that companies manage their Excise Tax risk and exposure, identifying savings opportunities and reducing areas of risk and provide advice on structuring business transactions, including cross border transactions, in an Excise Tax cost effective way.
- We assist in Excise Tax registration and compliance obligations and also assist in Excise Tax audits, disputes and dealing with the Excise Tax authorities.