Dubai – Mubasher: The UAE’s Federal Tax Authority (FTA) on Wednesday announced that 15 November will be the deadline for the excise tax's first payment for October by companies registered in the FTA.
The tax authority also set 15 November as the deadline for submitting October tax returns under the decree law of the excise tax, said the FTA, according to Albayan newspaper.
Any incompliance will be subject to fines and penalties, including not registering in the tax system when required or failure to submit tax returns by whom is subject to the tax, FTA stated.
The Ministry of Finance announced that the expected revenues from levying the excise tax are AED 7 billion ($1.92 billion).
