After two months of implementation of value added tax (VAT) in UAE, now the time has come for the government to receive its initial share of the tax. Recently, Federal Tax Authority (FTA) in UAE has announced the last date for submission of tax returns for businesses registered for VAT (value added tax). According to the announcement made by the officials of FTA, all the said businesses are required to submit their full VAT returns by 28th of February 2018. Noncompliance will result in fines and other penalties for such businesses.
FTA DG, Khalid Al Bustani, told that the authority has made it easier for businesses to submit VAT by employing online system for this purpose. Through this online process, there is facility for taxable entrepreneurs to submit VAT payments 24/7. Apart from that, taxes can also be submitted by using other channels including banks, finance companies and exchange offices in UAE. Immediate transaction of tax payments is possible by utilizing the UAEFTA (UAE Funds Transfer System). This system links FTA with Central Bank of UAE.
At the official website of FTA, total 7 methods are available for taxpayers that they can utilize through E-Dirham platform. It is responsibility of the taxpayers to thoroughly check filing of their tax returns. All the entries must be correct in order to avoid any issues later. In case of first incorrect tax filing, the business will pay fine of AED 3,000. If the mistake is repeated, then the fine of AED 5,000 will be applied on each mistake afterwards. If a taxpayer could not file tax returns by 28th of February 2018, then he/she will have to pay minimum fine of AED 500.
Therefore, it is extremely important to submit VAT in time and also avoid any mistake during tax filing. One must be extremely cautious to fill the online tax form. If you are one of those who are required to pay tax and want to do the whole process correctly and without any delay, then we at Riz & Mona are here to assist you. You just need to contact us at WhatsApp # 971-56-9971225, and we guarantee the completion of your tax filing process quickly and correctly.