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VAT Update

Federal Tax Authority Calls for submitting Quarterly and Monthly Tax Returns for the tax periods that ended in 31 March

 

Abu Dhabi, April 18, 2018 – The Federal Tax Authority (FTA) has called on businesses registered for Value Added Tax (VAT), and whose quarterly and monthly tax periods ended by March 31, 2018, to file their tax returns and pay their due taxes by April 29.

The Authority explained that according to the Federal Decree-Law No. (8) for 2017 on Value Added Tax 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.

FTA Director General His Excellency Khalid Ali Al Bustani said that filing tax returns and paying taxes is a legal obligation that must be carried out to ensure businesses compliance with tax legislation. H.E. called on registered businesses to submit their tax returns as soon as possible and not to wait until the deadline.

In a press statement issued by the Authority today, H.E. Al Bustani called on all registered businesses to check their tax periods and the deadline for submitting tax returns, and paying taxes through the eServices portal on the FTA website: eservices.tax.gov.ae. Businesses whose tax periods ended on March 31 can already submit their tax returns, and then pay their dues before the expiry of the payment period, he explained, adding that the two steps are not required to be carried out at the same time.

The FTA Director General reiterated his call for registered businesses to pay their taxes well ahead of time, so that they reach the Authority before the payment deadline, cautioning that late payments incur administrative penalties. H.E. explained that 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,” H.E. Al Bustani said. “Taxable persons can visit the website, select the eServices portal, click on the “VAT” tab to access and fill the tax returns form. Users can then submit the tax return and proceed to paying the tax under the ‘Payment’ tab. Taxable persons may, at any time, request assistance from one of the FTA-accredited tax agents whose names are listed on the website.”

The Federal Tax Authority clarified that accounting records and documents relating to business activities must be kept, including the balance sheet, profit and loss account, payroll records, wages, fixed assets, records, and inventory statements.

As for the requirements for tax returns, the Authority confirmed that the submission is made electronically and must include 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; the value of any reverse-charged supplies received in the tax period; the value of expenses incurred in the tax period (if the business in question is looking to recover input tax and the amount of recoverable tax); the total amount of tax due and recoverable input tax for the tax period; and finally, the payable tax (or repayable) for the tax period.

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