VAT filing deadline on April 29th, 90,000 businesses to submit return
90,000 businesses registered for VAT are required to submit their tax return and pay taxes within April 29th, 2018, according to media reports quoting the Federal Tax authority (FTA).
The first quarterly tax period for 85,000 businesses was by the end of March and the rest had their monthly tax schedules on the same date.
In order to avoid the administrative penalties, all businesses registered for VAT were asked to pay tax and file VAT return as soon as possible, the reports added.
Be sure of VAT deadlines
Registrants were asked to check their tax periods and the deadline for tax returns and to pay their taxes using the e-Services portal on FTA website: https://eservices.tax.gov.ae/ by FTA Director-General Khalid Ali Al Bustani.
“The majority of registered businesses included in quarterly tax periods are small and medium enterprises,” Al Bustani said.
He added, “The authority sought to streamline the procedures of filing tax returns and paying taxes to encourage taxable persons to comply and carry out their transactions by themselves electronically to meet their tax obligations in mere minutes and with four simple steps. Taxable persons may, at any time, enlist assistance from the FTA-accredited tax agents listed on the website,” according to a report in Khaleej Times.
Be aware of law
Federal Decree-Law No. (8) for 2017 on VAT and its Executive Regulations says that tax returns are to be submitted no later than the 28th of the month following the end of the tax period. By Federal Law No. (7) for 2017 on Tax Procedures, the deadline can be postponed to the following day, if 28th falls on weekend or public holiday.
“The clear, simple and straightforward procedures put in place by the authority to facilitate the submission of tax returns and the payment of taxes were, undoubtedly, behind the high compliance rate among businesses – along with the increased tax awareness,” Al Bustani said. “Tax return submission and tax payment can be made any time and from anywhere using the e-Services portal on the FTA website, which was designed according to international best practices.”
“The website provides flexible and diverse payment mechanisms, as well as information and guides that increase tax awareness and provide a sophisticated environment that helps businesses meet their deadlines,” Al Bustani concluded. If you have any doubt during this process call us for a free consultation 00971-4-331-2332