Excise Tax Declaration
- Harpreet Singh
- Nov 6, 2019
- 1 min read
Excise Tax returns are automatically populated based on the information completed in the following declaration forms (as applicable) submitted during, or at the end of, the tax period:
Excise Tax Import Declaration Forms
Excise Tax Production Declaration Forms
Excise Tax Release from Designated Zone not requiring Customs Clearance Declaration Forms
Deductible Excise Tax Declaration Forms
The Taxable Person should then verify that the values in each box are correct.
Where the value of a taxable person’s deductible tax exceeds the value of excise tax payable to the FTA, he will have excess refundable tax.
Accounting Entries for Excise Tax
Accounting entries for Excise Tax will be similar to those for VAT.
Excise Tax due at time of Import or Production of goods subject to Excise Tax will be calculated on Retail Selling Price of such goods (excluding Excise Tax) and Excise Tax so calculated will be Credited to Excise Tax Output A/C in the Books of Accounts of the Importer or Manufacturer of such goods.
Excise Tax recoverable on purchases of goods subject to Excise Tax, which are used by the Manufacturers further in the production of goods subject to Excise Tax, will be debited to Excise Tax Input A/C in the Books of Accounts of the Manufacturer of such goods.
The difference between Excise Tax Output A/C and Excise Tax Input A/C, for a given tax period, will be the ‘Excise Tax Payable to FTA’ on the due date.
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