According to Federal Decree-Law No. (7) of 2017, from 1 October 2017, the excise tax legislation will come into force. When we push forward in October, the authorities had announced that as of 1 October 2017, Excise Tax would be in full effect. Because the Nation introduced the Excise Tax, it will allow companies and corporate houses to be more transparent to take charge of the stocks they keep of the products protected by the Excise Tax Act.
To keep a soundtrack of the Excise tax goods’ movements, the most practical choice for the companies will be to employ a stock auditor who will be able to monitor and test the quality of the products moving in and out during the business transactions. AM Audit’s Auditors and consultants are one of UAE’s leading auditors who conduct internal and regulatory audits and provide their clients with stock audit facilities.
Stock is one of the main assets which will result in a company making a profit or loss. Any carelessness or miscalculation in cash-involving transactions may become counterproductive to the industry’s survival. With the Excise Tax in the picture, companies dealing in Excise Goods need to monitor their accounts very carefully and keep them up to date. In addition to this specific provision, Article 24 of Federal Decree-Law No. (7) allows businesses to keep records of all Excise products made, imported, exported, and processed, as well as stock rates records of the stock level along with the details of the damaged goods.
A stock audit includes a physical inspection of the products available in their warehouses with the company. Besides, the stock audit includes, within its scope, the following acts to ensure:
An experienced team that is highly trained experts and auditors, AM Audit – one of the most excellent auditors can help you test stock record quality and comply with the Authority’s standards and regulations to escape penalties. Besides conducting an audit of stocks for your company, We – the AM Audit team will provide you with expert insight into the numerous issues and questions related to the UAE’s newly imposed tax – the excise tax and VAT.