Wednesday, 28 February 2018

VAT-Registered UAE Firms Must Submit Returns, Pay Tax by Feb-End

Federal Tax Authority(FTA) has said that due by February 28 the all UAE business have to must pay the First VAT Returns that is already registered.

The Value Added Tax(VAT) is already launched in UAE and VAT Rates is 5 percent. The first tax period for Registration is ended on 31st Jan 2018.That type of company who will not pay the VAT on the deadline those will pay the administrative penalties. that will not pay the VAT those people pay the

penalty tax and no less than Dhs500($136) but no more than triple value of the tax on the transaction. A first incorrect VAT filing will in penalties of Dhs3,000($817) after error will then result is Dhs5,000($1,361) fine.

The FTA director general, Khalid Al Bustani, said the authority has provided the "simple process" to submit the VAT return and urged businesses to pay due to taxes or use the online system to complete the procedures.Taxable persons can submit their returns and process the payments 24/7 online.

The FTA director general, Al Bustani also confirmed that various channels and mechanisms have been activated to facilitate paying tax fees through a wide network of banks or through the offices and finance companies in the country.

VAT Register user also can pay the taxes through the UAE Funds Transfer System (UAEFTS), which offers direct linkage between the Central Bank of the UAE and the FTA.This will enable 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.

The FTA has provided seven different payment methods for a user to process any payable tax through the E-Dirham platform in the e-services portal on its website.

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