EXCISE DUTY STOCK AUDITORS IN DUBAI: As per the Federal Decree-Law No. (7) Of 2017, the excise tax law will come into implementation from the 1st October 2017. As we are stepping forward in the month of October, the authorities have confirmed that Excise Tax will be into full-fledged action from 1st October 2017. Due to the implementation of the Excise Tax in the nation, it would demand the businesses and corporate houses to be more responsible and take care of the stocks that they hold of the goods that are covered under the Excise tax law.
In order to keep a soundtrack of the movements of the Excise tax goods, the most convenient option for the businesses would be to hire a stock auditor that could manage and check the accuracy of the goods moved in and out during the transactions of the businesses. ARC Associates – auditors and consultants are one of the leading auditors in Dubai and Abu Dhabi, who not only provide internal and statutory audits but also provide stock audit facilities to its clients.
Stock is one of the main assets that would lead a business to earn a profit or suffer losses. Any carelessness or miscalculation in the transactions involving cash could become detrimental for the survival of the business in the industry. With the Excise Tax into the picture, it is necessary for the businesses dealing in Excise goods, to manage their accounts with much accuracy and keep them updated. Apart from this basic requirement, Article 24 of the Federal Decree-Law No. (7) require businesses to keep the records of all produced, imported, exported and stockpiled Excise goods and also the records of the stock levels along with the details of the damaged goods.
A stock audit involves the physical verification of the stock available with the business in their warehouses. Apart from this, stock audit covers the following actions under its scope to ensure:
The stock value confirms the value in the books of accounts.
Proper storage of stocks
Whether a stock is owned by the borrower and finance is made available.
Whether the stock is carefully and rightly classified under different categories.
With an expert team who are highly qualified professionals and auditors, ARC Associates – one of the best auditors will help you to check the accuracy of the stock records and compliance with the requirements and regulations of the Authority to avoid the penalties. Apart from conducting the stock audit for your business, we – the team of ARC Associates will also provide you with the expert insight on the various issues and queries of the newly introduced tax in the UAE – the excise tax as well as the VAT.
For a no-obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob: 055 4874391
B2B Tower, Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae