FTA Urges businesses to submit tax returns before February 28.
Summary: A Tax Return must be received by the Authority no later than the 28th day following the end of the tax period concerned
FTA Director Khalid Ali Al Bustani called on all businesses who have registered with the Authority to file their returns for the first tax period no later than February 28, 2018. The tax period ended on January 31, 2018.
Registered businesses must submit their tax returns on a monthly or quarterly basis, as determined by the FTA based on their annual revenue, and within the deadlines set in Federal Decree-Law No. (8) of 2017 on Value Added Tax, as well as its executive regulation.
Al Bustani said that the Federal Tax Authority had made some exceptional adjustments to the first tax periods for VAT in order to afford more flexibility to businesses following requests from a large number of businesses subject to VAT, which entered into effect in the UAE on January 1, 2018. These exceptional adjustments included extending tax periods from one to three months for some businesses at the beginning of implementation in 2018, with tax periods returning to a monthly basis later on.
According to Federal Decree-Law No. (8) of 2017 on Value Added Tax, the standard tax period applicable to a Taxable Person shall be a period of three calendar months ending on the date that the Authority determines. The FTA may assign a Person or class of Persons a shorter or longer tax period where it considers that a non-standard tax period length is necessary or beneficial to reduce the risk of tax evasion, enable the Authority to improve the monitoring of compliance or collection of Tax revenues, and reduce the administrative burden on the Authority or the compliance burden on a Person or class of Persons.
According to the Executive Regulation, a Tax Return must be received by the Authority no later than the 28th day following the end of the tax period concerned.
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