Abu Dhabi – Mubasher: The UAE is expected to introduce an excise tax during 2017, as part of the GCC's unified treaties for the value-added tax (VAT) and excise tax, which were approved in June last year, Arabian Business reported on Sunday.
“The rates are yet to be determined, but are anticipated to vary between 50% and 100% on the excisable goods,” Nadine Bassil, PricewaterhouseCoopers' (PwC) Indirect Tax Director, told Arabian Business.
The magazine said that the UAE Ministry of Finance declined to comment on tax rates, list of taxable goods, and implementation date, noting that the ministry will hold two workshops in Abu Dhabi and Dubai in May to explain to businesses the rules of the new excise tax system.
Bassil suggested that the pricing of the excisable goods will be certainly affected by the introduction of the excise tax.
