Determine whether you are a Stockpiler or not for Excise Tax purposes
Attested report by External Auditor required to determine whether you are a Stockpiler for Excise Tax purposes
FTA issued Cabinet Decision No. 52 of 2019 on Excise Goods, Excise Tax Rates and the Methods of Calculating the Excise Price comes into effect i.e. 1 December 2019 related to the Excise Tax obligations for stockpilers of sweetened drinks, electronic smoking devices and tools, or liquids used in such devices and tools, which are held for business purposes on the date .
For the above purpose FTA send notification to all the tax payers to determine whether they are a “Stockpiler” for Excise Tax purposes or not by getting an attested report by External Auditor should be prepared showing the following:
- Monthly stock level of excise goods for the period from 1st December 2018 till 30th November 2019, and the monthly average stock for the same period.
- Monthly quantity sold of excise goods for the period from 1st December 2018 till 30th November 2019, and the average monthly sales for the same period.
- 1st December 2019 Excess Excise Goods (if applicable) that exceed the average monthly inventory or the average sales of two months, whichever is higher.
We are in Abdelhamid & Co Certified Public Accountants & Auditors as a licensed auditors and licensed tax agent can provide you such a requirement to meet FTA requirement.