Excise records for warehouses
We store excise goods in a warehouse. What records do we keep?
The situation
Excise registrants must keep records of production, imports, stock and releases.
The law
- Decree-Law No. 40 of 2017 on Selective Tax (Excise): Excise on tobacco products and energy drinks at 100% and on carbonated and sweetened drinks at 50%, administered by the NBR
What it means for you
Good stock records let you prove what was imported, released, exported or lost, which drives the excise due. Keep receipts, releases, losses and stock counts by product line. Reconcile them monthly against your returns so differences are explained before an NBR audit.
What to do
- Set up stock ledgers.
- Reconcile monthly.
- Record losses.
- Retain records.
We can do this for youExcise (selective tax) registration and returns for importers and producers: BHD 250