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98.8% compliance with Tax Return regulations
Tax compliance in the UAE is one of the highest in the world, as 98.8 percent of all businesses and groups registered for Value Added Tax, VAT, have complied with submitting their Tax Returns on time, where the rate increased after follow-ups from the Federal Tax Authority,FTA, asserted Khalid Ali Al Bustani, Director-General of the FTA.
His remarks came during the media roundtable held in Dubai on Wednesday to look back at the first 100 days of VAT, which went into effect on 1st January 2018.
Al Bustani stated that this high level of commitment is due to the guidance provided by the FTA, as well as the clarity and simplicity of the procedures, which allow taxable persons to submit tax returns and pay their dues online, any time and from anywhere. Users can access the e-Services portal on the Authority’s official website, which was designed in accordance with international best practices to provide diverse and flexible payment solutions, as well as information and guidance to promote tax awareness and help businesses meet deadlines.
This advanced system now has 275,000 registrants, Al Bustani explained, noting that it allows taxable persons or their representatives to complete all procedures without having to be physically present at the authority. Starting from opening up an account on the portal, to registering for VAT, to paying due taxes.