90,000 UAE businesses need to pay taxes by April 29

Abu Dhabi - The majority of registered businesses included in quarterly tax periods are small and medium enterprises.

The Federal Tax Authority (FTA) on Sunday said that approximately 90,000 businesses registered for value added tax (VAT) are required to submit their tax returns and pay their taxes no later than April 29, 2018.
Over 85,000 of these companies had their first quarterly tax period end in March, while the remaining businesses saw their monthly tax schedules end on the same date.
In a statement issued on Sunday, the authority renewed its call to all businesses registered for VAT to expedite the submission of their tax returns and pay their due taxes on time in order to avoid administrative penalties.
FTA director-general Khalid Ali Al Bustani, called on registrants to check their tax periods and the deadline for submitting tax returns and paying due taxes through the eServices portal on the FTA website: eservices.tax.gov.ae. Businesses whose tax periods ended on March 31 should submit their tax returns, and then pay their due taxes before the deadline specified by the Authority, he explained.
"The majority of registered businesses included in quarterly tax periods are small and medium enterprises," Al Bustani said.
"The authority sought to streamline the procedures of filing tax returns and paying taxes to encourage taxable persons to comply and carry out their transactions by themselves electronically to meet their tax obligations in mere minutes and with four simple steps. Taxable persons may, at any time, enlist assistance from the FTA-accredited tax agents listed on the website," he said.
The authority explained that according to 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 28^th of the month following the end of the tax period. Meanwhile, Federal Law No. (7) for 2017 on Tax Procedures, provides that the deadline is to be postponed to the following day if the 28^th falls on a weekend or public holiday.
"The clear, simple and straightforward procedures put in place by the authority to facilitate the submission of tax returns and the payment of taxes were, undoubtedly, behind the high compliance rate among businesses - along with the increased tax awareness," Al Bustani said. "Tax return submission and tax payment can be made any time and from anywhere using the eServices portal on the FTA website, which was designed according to international best practices."
"The website provides flexible and diverse payment mechanisms, as well as information and guides that increase tax awareness and provide a sophisticated environment that helps businesses meet their deadlines," Al Bustani concluded.
business@khaleejtimes.com