VAT in the UAE: first tax returns must be submitted no later than February 28
Shoppers at Carrefour in Mall of the Emirates. Businesses and consumers in the UAE have begun paying VAT since 1 January 2018. Reem Mohammed / The National.
he Federal Tax Authority (FTA) has urged businesses to file their first VAT returns by no later than the last day of this month to avoid penalties.
The first tax reporting period since the January 1 rollout of a 5 per cent VAT in the UAE ended on Wednesday. VAT returns must be filed monthly by companies with annual turnover above Dh150 million, while businesses with revenue below that level must file quarterly.
“Taxable persons must comply with tax laws, submit tax returns, pay their due taxes within the specified time frames and keep records as required in tax legislation in order to avoid penalties,” said the FTA’s director general Khalid Al Bustani.