Abu Dhabi – Mubasher: The UAE is set to begin implementing its excise tax on Sunday, 1 October.
The UAE’s Federal Tax Authority (FTA) said that the tax will be imposed at 50% on carbonated drinks and by 100% on tobacco products and energy drinks.
Official estimates forecast that the excise tax will bring in around AED 1.5 billion ($409 million) in revenues to the UAE in the fourth quarter of 2017 alone, and as much as AED 7 billion ($1.92 billion) annually.
The excise tax is the first tax to be imposed in the UAE, which comes in second after Saudi Arabia in imposing such a tax in the GCC.
