The substantive provisions of the new Excise Tax Act will become effective in April

As one of our previous newsletters indicated, the excise duty regulations are significantly changing in 2017.

Instead of 1 January 2017, as earlier proposed, due to another amendment at year-end last year, the substantive provisions of the new act (Act LXVIII of 2016) will become effective on 1 April 2017, and pursuant to the transitional provisions, the deadline for filing the relevant declarations is changed to 28 February 2017. Pursuant to this provision, excise (bonded) warehouse license, registered merchant license, registered dispatcher license, registered user license, or excise license holders who received their license under the former Excise Tax Act, and whom wish to continue their operations after 31 March 2017, must file a declaration by not later than 28 February 2017, making a statement, amongst others, as to how they wish to pursue their operations in the future, how they wish to comply with the mandatory disclosure obligations, how they will calculate and provide the guarantee for payment of the excise duty and by when, and on what type of disclosure they will provide regarding the dispatch of free circulation excise goods, following the issuance of their new license, as of 1 April 2017.