Businesses need to manage their Excise Taxes efficiently to mitigate their impact on company revenues. Excise taxpayers, more often than not, lack a clear understanding of complex tax regimes. Consequently, companies end up paying more than they are required to and subsequently, have to rely on inefficient compliance processes.
As a consumption tax, the Excise Tax is ultimately borne by the final consumers, but collected earlier in the supply chain by businesses. Importers, manufacturers and warehouse keepers in the supply chain are liable for Excise Tax and are required to register, submit periodical returns, pay the Excise Tax dues and maintain specific Excise Tax records. When the person originally liable for the Excise Tax fails to pay it, the tax will become payable by the business holding these excise goods. Fortunately, businesses can apply for Excise Refund subject to provision of Excise Tax regulations.
Although tax provisions enable businesses to apply for an Excise Tax Refund, the process is tedious and time-consuming. Unlike VAT refund, approval of Excise Refund takes time as the rates on these products are much higher. The Federal Tax Authority (FTA) takes a reasonable amount of time to check the documents and our team and tax agents can assist in getting refunds faster.
At MBG Corporate Services, our Excise Tax experts can help your business in every step of the Excise Tax Refund process. We analyse and quantify potential tax refunds. Our in-depth understanding of Excise Tax laws and regulations helps us provide expert guidance on the Refund processes and procedures. Our team will help in preparing documents as per the FTA requirements and will be continuously following-up with the FTA to release your refund.
Stay one step ahead in a rapidly changing world and build a sustainable future with us.