FTA calls on businesses to submit tax returns before February 28
Penalties will be given to those who fail to submit tax returns and pay due taxes on time
The Federal Tax Authority (FTA) has urged businesses whose first tax period ends on January 31, to file their tax returns before February 28, as it revealed an integrated electronic system that eases the registration, filing, and payment of tax returns.
The authority had made a number of adjustments to the first tax periods for value added tax (VAT), which it introduced in January this year, according to FTA director general Khalid Ali Al Bustani.
The adjustments included extending tax periods from one to three months for some businesses in January while returning to a monthly basis later on.
The first quarterly tax period was meant to expire by the end of January or February 2018 but was stretched out and merged with the following period, making the first period four months for some businesses and five for others.
Businesses whose first tax period was three months ending in March 2018 were not included in the adjustments.
Failure to submit tax returns and pay due taxes within the specified timeframes will result in penalties, Al Bustani said.
Source: Arabian Business