AcTouch.com compatible to UAE VAT and Excise Systems
UAE Government launched UAE VAT and Excise Taxes from 1st Jan 2018 onwards. It contains mainly 2 portions.
Create VAT and Excise tax invoices with ease and follow 100% compliances.
No more missing of Payments and ensure to receive all the money.
AcTouch.com helps you to follow 100% Tax compliance with proper tax returns.
Efficient way to manage the inventory and track the stock values.
General ledger, Debit / Credit notes, Bank reconciliation etc makes your life simple and Easy
We care about you as much as you do, you can count on us for proper support
Excise tax is an indirect tax levied on specific goods, which are harmful to human health or the environment. Such goods include carbonated drinks, energy drinks and tobacco products.
Excise tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. These goods are referred to as “excise goods”.
When considering whether a product is an excise good, the following definitions apply:
The rates of excise tax in the UAE will be:
The UAE Government is levying excise tax to reduce consumption of unhealthy and harmful commodities while also raising revenues for the government that can be spent on beneficial public services.
Consumers will need to pay more for goods that are harmful to human health or the environment.
Value-Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. Businesses collect and account for the tax on behalf of the government.
VAT was introduced in the UAE on 1 January 2018. The rate of VAT is 5 per cent.
VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services. It will also help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.
VAT, as a general consumption tax, will apply to the majority of transactions in goods and services. A limited number of exemptions may be granted.
As a result, the cost of living is likely to increase slightly, but this will vary depending on an individual’s lifestyle and spending behaviour. If an individual spends mainly on those things which are relieved from VAT, he is unlikely to see any significant increase.
The government will include rules that require businesses to be clear about how much VAT an individual is required to pay for each transaction. Based on this information, individuals can decide whether to buy something.
Businesses will be responsible for carefully documenting their business income, costs and associated VAT charges.
Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.