When you fill your excise tax liabilities or declaration forms, you will be asked to indicate the quantity of the items you’re importing, producing, or stockpiling. The system will auto-generate the price of the excise goods depending on the items’ excise tax rates. In turn, you will also be presented with the excise tax you owe to the FTA in your next excise tax return.
FAQs
faqs
Most Popular Questions
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What services does SKMA Group offer?
SKMA Group specializes in accounting, tax consultation, audit services, company liquidation, and trademark registration in the UAE.
How can SKMA Group help with tax compliance?
We provide expert tax consultation, ensuring your business adheres to all UAE tax regulations, including VAT registration, filing, and corporate tax planning.
What is the process for company liquidation?
SKMA Group guides you through every step of the company liquidation process, from settling financial obligations to ensuring compliance with legal requirements.
Why should I register a trademark with SKMA Group?
We handle the entire trademark registration process, protecting your brand and intellectual property rights in the UAE market.
What goods are eligible for the profit margin scheme under the UAE VAT?
Collector’s items: such as coins, currency, stamps, pieces of historical, archeological, and scientific interest. Second-hand goods: Tangible property that is suitable for use or repair. Antiques: Goods that date over 50 years.
When should I file my excise tax returns?
If you are registered for excise tax, you will have to file your excise tax return on a monthly basis. The due date to file your excise tax returns will be every 15th day of the month.
How can SKMA Group help with audits?
We offer internal and external audit services, ensuring your financial statements comply with regulatory standards and provide accurate insights into your business.
What industries does SKMA Group serve?
We serve businesses across various industries, including retail, hospitality, real estate, healthcare, and more, providing tailored financial and tax solutions.
How is the scope of a consulting project determined?
In healthy companies, changing directions or launching new projects means combining underlying strengths and capacities with new energy and support.
What is a profit margin scheme under VAT?
The Federal Tax Authority in the UAE has given the option to a taxable person to pay VAT on the profit margin earned on the taxable supplies, meaning the difference between the purchase price of the goods and the selling price of the goods. This is done instead of calculating VAT on the sales value and is known as Profit Margin Scheme.
The profit margin earned should be treated as inclusive of tax, this means that if the purchase price of the goods is more than the selling price, the value of the supply is zero for VAT purposes. If the profit margin scheme is applied in your business, you are responsible for notifying the FTA of it, otherwise, you’ll be subject to a penalty.
When can I apply a profit margin scheme in the UAE?
If you are VAT-registered in the UAE, you may apply profit margin scheme if you purchased your goods from a person who is not VAT registered, or from a taxable person that has already adopted the profit margin scheme in their business and did not already recover the input tax.
How much is the excise tax amount?