Media ININ Economy We Trust
Media In – Dubai, April 11, 2018 and WAM
Khalid Ali al-Bustani, Director General of the Federal Tax Authority, announced that the percentage of commitment to submit tax returns on the due date for delivery during the last period amounted to 98.8% of the total number of companies and tax groups registered with the value added tax system which is one of the highest compliance rates in the world.
This came during a roundtable held by the Authority today in Dubai, during which the results and achievements of the first 100 days of the introduction of value added tax, which came into effect from the beginning of January, were reviewed and a review of the latest developments in the application of the tax system in the UAE.
He added that the number of registered value added tax has reached 275 thousand, pointing out that the electronic system implemented by the Commission is one of the latest tax systems in the world and is characterized by efficiency and speed of performance.
He stressed that the UAE is one of the first countries in the world to have implemented a fully electronic tax system. He pointed out that the results of the application show a steady rise in tax compliance rates.
He renewed the call for taxable works to accelerate registration before the expiration of the period of exemption from the delay penalty. He stressed that these works will continue to be required to pay taxes due from the period of eligibility for registration.
He pointed out that the Authority is conducting an awareness tour about the UAE in cooperation with the economic development departments to answer the business inquiries related to registration. He said that during the current month, the first batch of quarterly tax returns will be delivered, stressing the need to submit the declarations as soon as possible and not to wait until the deadline of 29 So as not to exceed delays in delivery and payment, which would expose the backlog of administrative fines.
