Federal Tax Authority receives businesses’ VAT returns for tax period ending May
The Federal Tax Authority, FTA, announced that it has started receiving tax returns for the tax period ending 31st May, 2018, from businesses registered for Value Added Tax, VAT.
These returns were submitted via the e-Services portal on the authority’s official website, which enables easy and accurate tax submissions.
In a press statement issued on Monday, the FTA reaffirmed that 28th June is the deadline for the submission of tax returns for the tax period ending on 31st May, 2018, calling on all registered businesses to comply with the requirement and settle their payable taxes within the specified period to ensure payment with the FTA before 28th June to avoid financial penalties.
Khalid Ali Al Bustani, Director-General of the FTA, said that the authority has simplified the procedures of submitting the returns and paying due taxes through the electronic services available on the FTA’s official website, which was designed according to the best international standards. The site provides various flexible payment options and is the ideal tool to help businesses comply with tax deadlines, he added.
Al Bustani stressed the need to check the accuracy of all data entered during the submission process and to ensure that the amount owed is transferred to the correct GIBAN number. He added that the responsibility of ensuring that the transfer is made to the correct number is that of the taxable person. He reiterated that the authority is not responsible for following up on the transfer.
The Director-General praised the high level of commitment shown to date from businesses in filing returns and the payment of taxes within the VAT system. He noted that all businesses registered in the system are required to submit their returns on a monthly or quarterly basis, as determined by the authority. He drew attention to the fact that these businesses are required to submit such returns within the periods specified by the authority under Federal Decree-Law No. (8) of 2017 on VAT and its Executive Regulations.
Al Bustani underlined the importance of submitting tax returns by the specified deadline for each tax period, pointing out that the FTA is in constant communication with businesses to find out their views, discuss ways to overcome any obstacles that they are facing, and ensure that tax regulations are implemented efficiently and without any adverse effect to their activities.
Taxable persons can easily make their tax payments by visiting the FTA’s website: www.tax.gov.ae. All they need to do is select e-Services, click on the "VAT" tab, access the tax return form, carefully complete the form and then send it in by clicking on "Submit." They can then make the due payment through the "My Payments" tab, he explained.
Al Bustani confirmed that payment of taxes can be made through a wide network of banks, exchange offices and finance companies operating in the UAE. He highlighted that businesses can either settle their dues through UAEFTS, which is characterised by high speed in transferring funds through bank accounts and is available at around 77 banks, exchange offices and finance companies across the country, or via the e-dirham cards an option for tax payment through the authority’s electronic services portal.
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