Below are few things to remember while filing tax returns:
- VAT will be due in the end of each month or quarter. Within 28 days of the due date, the VAT return must be filed, if it is a weekend the deadline will be extended to the 1st following working date.
- If the deadline is crossed penalties will be levied.
- The filling of tax return can be done online on the FTA website, in either Arabic or English.
- The tax has to be settled in the time of filing the return.
- If more than the taxable amount is paid, a refund can be claimed or it will be allocated to a future period.
- However, if a lower amount is paid penalties will be levied against the company.
- If the taxable person becomes aware of an error in a VAT return filed or in the tax refund application in the last 5 years, the taxable person should attempt to correct this by filling a “Voluntary Disclosure” within 30 days of becoming aware of the error.
We, at msi Alnoman and Ravi, are qualified to assist you through every step for your business. Our thorough knowledge in this field is ideal to guide your business, minimizing risk, to benefit your business.
Stay posted to know more about other VAT rules.To find more information on VAT you can visit the following:–
- Ministry of Finance
- Introduction to VAT
- Understanding VAT
- What do we need to when VAT comes into effect?
- Special VAT rules
- Reverse Charge Mechanism
- Categories of VAT
- Administration of VAT -FTA
- Time of supply
- What is supply
- Challenge The FTA decision