FTA calls for timely submission of quarterly and monthly tax returns - Emirates24|7

FTA calls for timely submission of quarterly and monthly tax returns

The Federal Tax Authority, FTA, has called today on businesses registered for Value Added Tax, VAT, and whose quarterly and monthly tax periods ended by March 31st, 2018, to file their tax returns and pay their due taxes by April 29th.

In a press statement, the authority explained that according to the Federal Decree-Law No. (8) for 2017 on VAT and its Executive Regulations, tax returns must be submitted to the FTA no later than the 28th of each month, or according to the law no. (7) of 2017 on Tax Procedures the following day if the 28th falls on public holiday.

Khalid Ali Al Bustani, FTA Director-General, said that filing tax returns and paying taxes is a legal obligation that must be carried out to ensure businesses compliance with tax legislation.

Al Bustani also called on registered businesses to check their tax periods and the deadline for submitting tax returns, and pay taxes through the eServices portal on the FTA website as soon as possible and not to wait until the deadline.

Businesses whose tax periods ended on March 31st can submit their tax returns, and then pay their dues before the expiry of the payment period, he explained.

He said, "The electronic tax transfer procedure may require some time for banks to process the payment after it has been submitted by the taxable person; this processing time may lead to payments reaching the authority after the deadline if the payment was not submitted early enough, in which case, the taxable person incurs administrative penalties."

"Tax returns and payments may be submitted 24 hours a day on the website," Al Bustani added.

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