Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 1 hour, 22 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
File Excise Tax returns before Nov.15, FTA tells businesses
November 11, 2017
 Print    Send to Friend

ABU DHABI: The Federal Tax Authority (FTA), has called upon businesses registered for Excise Tax to file their October returns before the deadline on Nov.15, 2017, in order to avoid the penalties stipulated in Cabinet Decision No. (40) of 2017 on Administrative Penalties for Violations of the Tax Laws in the UAE.

The authority has stressed the necessity of filing returns regularly before the 15th day of every month for the previous Tax period.

All businesses registered for Excise Tax must pay the due tax on excisable goods (50% on carbonated drinks, 100% on tobacco products and energy drinks).

Khalid Al Bustani, Director-General of the Federal Tax Authority, said, "Since the beginning of November, businesses registered for Excise Tax have been consistently complying with their requirements and deadlines, filing their tax returns on time. We urge those who haven’t done so yet to file their returns before the deadline of November 15th, and settle the payable tax stated in the submitted Excise Tax Return, in order to fulfil their obligations according to the tax procedures in the UAE."

The Cabinet Decision No. (40) of 2017 on Administrative Penalties for Violations of the Tax Laws in the UAE applies to all the listed violations in the Federal Law No. (7) of 2017 on Tax Procedures and Federal Decree-Law No. (7) of 2017 on Excise Tax.

According to this, the failure of the registrant to submit the Tax Return within the timeframe specified in the Tax Law will subject them to an automatic Dhs1,000 penalty in the first time and Dhs2,000 in case of repetition within 24 months.

The Cabinet Decision also states that if a Taxable Person fails to settle the Payable Tax stated in the submitted Tax Return or Tax Assessment he/she was notified of, within the timeframe specified in the Tax Law, and will be obligated to pay a late payment penalty of 2% of the unpaid tax - due immediately once the payment of Payable Tax is late; 4%, due on the seventh day following the deadline for payment; and a 1% daily penalty will be charged on any amount that is still unpaid one calendar month following the deadline for payment, with the upper ceiling being 300%.

Businesses are also required to ensure the accuracy of the data being submitted, as the submittal of an incorrect Tax Return by the registrant can incur a fixed penalty of Dhs3,000 plus a percentage-based penalty of up to 50% of the amount unpaid.
WAM

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Other Latest News
Dubai ranks 14th in global innovation
DUBAI: Dubai has once again improved its innovation performance climbing one spot to rank 14th among 30 global cities on the 3rd Dubai Innovation Index, outperforming maj..
Court acquits 12 men accused of child sex abuse
LAHORE: An Anti-Terrorism Court (ATC) acquitted 12 men of child sex abuse and blackmail charges on Saturday, the latest verdict in a massive paedophilia scandal that rock..
UAE Armed Forces conduct Union Fortress 3 in Al Ain
AL AIN: The UAE Armed Forces on Saturday conducted the 3rd edition of Union Fortress event — the biggest-ever public demonstration of the UAE Armed Forces to highlight th..
Leaders greet Estonian President
ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has sent a congratulatory cable to President Kersti Kaljulaid of Estonia, on his country’s Independen..
Arab national nabbed for conning retailer
SHARJAH: An Arab national who conned the owner of a fuel retailer was arrested. The fraudster and his accomplice claimed that they wanted to buy car oil worth Dhs50. He h..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright