FTA receiving VAT returns for end-May period

dubai — The Federal Tax Authority (FTA) has started receiving tax returns for the tax period ending May 31, 2018, from businesses registered for valueadded tax (VAT).

These returns were submitted via the e-Services portal on the authority’s official website, which enables easy and accurate tax submissions.

The FTA reaffirmed that June 28 is the deadline for the submission of tax returns for the tax period ending on May 31, 2018, calling on all registered businesses to comply with the requirement and settle their payable taxes within the specified period to ensure payment with the FTA before June 28 to avoid financial penalties.

Khalid Ali Al Bustani, director-general of the FTA, stressed the need to check the accuracy of all data entered during the submission process and to ensure that the amount owed is transferred to the correct GIBAN number.

Al Bustani confirmed that payment of taxes can be made through a wide network of banks, exchange offices and finance companies operating in the UAE. He highlighted that businesses can either settle their dues through UAEFTS, which is characterised by high speed in transferring funds through bank accounts and is available at around 77 banks, exchange offices and finance companies across the country, or via the e-dirham cards an option for tax payment through the authority’s electronic services portal.