Opening Excise Stock Reporting in the UAE

The Federal Taxation Authority (FTA) UAE has released a new reporting requirement for Warehouse Keepers who are registered for Excise tax. The aim to this guide is to assist Warehouse Keepers in the UAE regarding their responsibility of:

1, The process to declare the excise goods stock held in Designated Zones (DZ’s) as on 1st January 2021.
2, understand the icons, symbols used in the form

FTA has issued guide at beginning of Dec 2020 which lays down the process of declaring Excise Goods that belong to registered Excise taxpayers that are held in their Designated Zone as on 1st of January, 2021

The guide provides an overview of the various declaration forms that need to be filed and who, how & when a Warehouse Keeper should complete and submit each of them to the FTA.

The registered Warehouse keepers are required to submit the Opening Stock Declaration (EX204) between 1 January 2021 and 31 January 2021. They must declare the opening stock of Excise Goods belonging to registered Excise Taxpayers in their DZ(s) and should submit the declaration once for each TRN holder. Step by step process of filling the form is explained in the guide.

A new opening stock declaration (EX204) will be available to disclose the opening stock held in DZ’s.

The whole idea is to stop illegal movement of excisable goods from designated zones where no excise tax is levied to mainland whereby avoiding the levy of the VAT and causes loss of revenue to the government agencies such as Ministry of Finance (MoF) and UAE government.

This new requirement is applicable to all the warehouse keepers operating in the Designated Zones (Dz’s). Taxable persons that don’t operate doesn’t need to fulfill this form.

Key Dates to Consider this Requirement

December 4th, 2020: This new declaration will be live on FTA portal.

December 6th, 2020: FTA conducts the virtual awareness session.

January 1st to January 31st, 2021: Opening stock declaration must be submitted by Warehouse Keepers.   

Averyx can help provide with the FTA opening stock report and in all facets of the excise tax. Contact us today for an obligation free quote.

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