The new system offers accurate and transparent procedures for registering excise goods with clear guidelines and standards in addition to the new reporting requirements related to excise tax returns and declarations.
Monday 19, August 2019 BY KUDAKWASHE MUZORIWA
The Federal Tax Authority (FTA) has launched a new electronic system for registering excise goods as part of its plans to continuously develop the tax system as a whole and excise tax procedures, according to local newswire, WAM.
The authority urged the excise taxable persons to comply with the new declarations and tax return forms as well as reporting requirements including import, produce, release from designated zones, and local purchase scenarios, which ensures increased transparency and accuracy.
Additionally, the FTA pointed to the new manuals and guides on how to register excise goods in the new system and ensure compliance with the new reporting requirements and forms in the excise tax system.
FTA stated that any person who produces or imports an excise good to be sold in local markets is subject to excise tax as well as any person who stockpiles said goods or releases them from a designated area.
The regulator called on all businesses dealing with excise goods to follow the new process of registering excise goods and ensure all required documents are readily available when submitting the registration request for the goods.