The FTA (Federal Tax Authority) in the UAE (United Arab Emirates) has confirmed its new payment methods for businesses with VAT registration in the UAE. These businesses will now get benefits from the new and revamped tax payment method via UAEFTS (UAE Fund Transfer System) with the use of their GIBAN (Generated International Bank Account Number). This new initiative clearly defines the commitment of the FTA towards the development and evolution of services that also guarantee the contentment of the taxpayers in the region owing to smooth and hassle-free service.
His Excellency Khalid Ali Al Bustani, Director-General at the FTA (Federal Tax Authority), has already stated that the continuity pertaining to the successful system of paying taxes in the UAE via UAEFTS through GIBAN is the result of suitably planned and solid business partnerships between UAE authorities like the Central Bank of UAE and Federal Tax Authority (FTA).
Key things to know about the new method of payment
- Seamless and hassle-free processes.
- Taxes may be paid from the UAE and outside the country as well.
- Taxes may be directly settled through bank e-transfers for registered entities and persons taxable under the VAT regime in the country.
- Lower cash dependence for financial transactions along with ensuring compliance to all authority regulations.
Companies will benefit from swift online payment transfers from their bank accounts, cashless payment facilities, higher time savings and it will help them combat the spread of COVID-19 as well owing to zero contact payment provisions. Tax payments made via UAEFTS with the use of GIBAN have increased exponentially and payments can be made across 77 exchange offices, bank branches and financial firms spread across the country.
GIBAN (Generated International Bank Account Number) is a specially provided International bank account number issued courtesy the FTA (Federal Tax Authority) for every tax registrant in the country. GIBAN is used for funds transfer across multiple UAE based financial institutions and even abroad. With GIBAN, excise taxes, VAT and administrative penalties can be easily paid to the FTA. GIBAN may also be used for overseas fund transfers for tax settlements which are due. The FTA remains firmly committed towards promotion of the Smart Government initiative and this makes it necessary to prioritize the e-payments space, particularly since the UAE has come up with highly advanced payment services which adhere to the highest possible standards.
For help with VAT registration, filing, company incorporation, payments, VAT and TAX auditing and accounts, GCC Filings is your best option. The company will help you out with all necessary procedures and documentation in the United Arab Emirates (UAE).