The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
The authority stressed the need to submit tax returns and settle due taxes no later than Sunday, September 30, 2018. The FTA reminded that according to Federal Decree-Law No. (8) for 2017 on VAT and its Executive Regulations, tax returns must be submitted to the Federal Tax Authority no later than the 28th of the month following the end of the Tax Period in question, and according to Federal Law No. (7) of 2017 on tax procedures, the deadline shall be extended to the next working day if the 28th falls on an official holiday.
The FTA urged businesses to ensure the accuracy of the information and data they are including in the tax returns, reminding them that submitting returns containing mistakes - or past their deadline - exposes taxable persons to administrative penalties.
Khalid Ali Al Bustani, FTA Director General, urged registered businesses to settle their taxes well ahead of the deadline to allow the funds to reach the authority on time.
The past few days have witnessed an increase in the number of Tax Returns submitted - and due taxes settled - by registered businesses whose tax period ended on August 31, 2018. This reflects the increased tax awareness among businesses as the VAT systems marks more than 8 months of being implemented.Tax payment procedures
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
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