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Abu Dhabi, UAEThursday 18 October 2018

Federal Tax Authority calls on businesses to file their VAT returns by June 28

FTA confirms deadline to file tax returns for the period ending May 31

Consume prices in Abu Dhabi in June rose 3.3 per cent, compared with 1.8 per cent in a year-earlier period. Reem Mohammed / The National
Consume prices in Abu Dhabi in June rose 3.3 per cent, compared with 1.8 per cent in a year-earlier period. Reem Mohammed / The National

The UAE's Federal Tax Authority is calling on all registered businesses to file their Value Added Tax returns by the deadline of June 28 to avoid financial penalties.

The FTA has already started to receive businesses' VAT returns for the tax period ending May 31 via the e-services portal on its website, according to the Emirates' state news agency Wam. The site provides flexible payment options and is designed to help businesses comply with tax deadlines.

The authority has simplified the process of submitting tax returns and paying taxes through the electronic services on its website, said Khalid Ali Al Bustani, FTA director general.

The UAE and Saudi Arabia both started imposing VAT on the sale of goods and services from January 1. The move is aimed at helping Arabian Gulf economies increase non-oil revenues and offset the effects of the three-year oil-price slump, which has reduced government income from hydrocarbons and has widened the fiscal deficit.

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Read more:

FTA: More than 275,000 businesses registered for VAT

Businesses have yet to register for VAT, Federal Tax Authority says

UAE's FTA extends penalty exemptions period for late VAT registrants to April

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Mr Al Bustani said there was a high level of commitment from businesses shown to date in filing returns and the payment of taxes within the VAT system.

The FTA emphasised the importance of submitting returns by the specified deadline for each tax period and the need to check the accuracy of all data entered during the submission process.

Businesses can make their tax payments by visiting the FTA’s website, select e-services, click on the "VAT" tab, access the tax return form, complete the form and then send it in by clicking "submit". They can then make the due payment through the "My Payments" tab, Mr Al Bustani said.

Tax payments can be made through a wide network of banks, exchange offices and finance companies operating in the UAE, he said.