FTA sets February 28 as deadline to submit tax returns
The Federal Tax Authority, FTA, has called on all businesses registered for the Value Added Tax, VAT, whose first tax periods end on 31st January, 2018, to submit their tax returns and pay their due taxes no later than 28th February in order to avoid administrative penalties.
Khalid Al Bustani, FTA Director General, said the Authority has provided a simplified process to submit VAT returns and pay due taxes for registered businesses, encouraging them to comply and use the advanced online system to complete the procedures and pay their taxes accurately with four steps through the e-Services portal on the Authority’s website.
Taxable persons can submit their tax returns and process the payments twenty-four hours a day, seven days a week by visiting FTA website.
He noted that registrants also can pay the taxes through The UAE Funds Transfer System, UAEFTS, main money transfer system, which offers direct linkage between the Central Bank of the UAE and the 'Federal Tax Authority, this allows immediate transactions of tax payments to entities covered by the system, through bank accounts and from 77 bank branches, exchange offices and finance companies around the UAE.
In an effort to streamline the process for Taxable Persons, the FTA provided seven different payment methods to process any payable tax to the Authority through the E-Dirham platform in the e-Services portal on its website.
He called on businesses registered for the VAT to create e-Dirham accounts as soon as possible if they do not already have one, stressing that the e-Dirham is a safe method to pay for government services and VAT.
Al Bustani stressed that submitted data should be thoroughly checked and accurately entered when submitting the tax return. They should also include the 10 basic requirements outlined in the Authority’s comprehensive awareness campaign – "Filing Returns in 4 Steps" – which targeted businesses. The tax return should include: The Taxable Person’s name; address; Tax Registration Number (TRN); the tax period of the tax return; submission date; the value of standard-rated supplies made in the tax period and the output tax charged; the value of zero-rated supplies made in the tax period; the value of exempt supplies made in the tax period.
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