(MENAFN- Khaleej Times) The Ministry of Finance in Bahrain has announced selective/Excise tax on tobacco and its derivatives, energy drinks and soft drinks from December 30.
The step is based on the decision taken by the Supreme Council of the leaders of the Gulf Cooperation Council at its thirty-sixth session held in Riyadh in 2015.
Earlier this year, UAE's Federal Tax Authority in the country from October.
On October 1, theexcise tax went into effectat a rate of 100 per cent on tobacco andenergydrinks that include stimulants or substances that induce mental or physical stimulation, such as caffeine, taurine, ginseng and gaurana. Soft drinks were also taxed at a rate of 50 per cent.
As per the Federal Decree-Law No (7) of 2017, Excise Tax will be charged on production of excise goods in the UAE, import of excise goods in the UAE, release of excise goods from a designated zone and stockpiling of excise goods in the course of conducting business.
Excise tax available in a registered designated zone will not be charged excise tax until released from the zone.
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