< id="header-1"p>< id="header-2"strong>There has been an increase in payments made through GIBAN.< id="header-3"/strong>< id="header-4"/p>
< id="header-5"p>< id="header-6"strong>Reading time: 2 minutes< id="header-7"/strong> < id="header-8"br />
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The Federal Tax Authority has recognized an increase in payments made through a Generated International Bank Account Number (GIBAN) and using the UAE Fund Transfer System (UAEFTS). This allows customers to pay taxes through branches of 77 banks, exchange offices, and financial firms here. The FTA asked the registered businesses to use their GIBAN on UAEFTS to avail of many benefits, including transferring funds online from their bank accounts to the FTA, which eliminates the need for cash, and helps prevent the spread of COVID-19. GIBAN is a special International Bank Account Number, IBAN, issued by the FTA for each tax registrant, which can be used to pay VAT, Excise Tax, and any administrative penalties due. The FTA stated that GIBAN is used for transferring funds from various financial institutions in the UAE and abroad. The FTA also regarded that businesses registered with it can use GIBAN to transfer funds from abroad to settle due to taxes, given that the overseas bank is a member of the Society for Worldwide Interbank Financial Telecommunications, SWIFT. The FTA maintained that the users be mindful when making an online transfer, ensuring that they enter the correct GIBAN to avoid any errors or delays. The e-payment transactions made via UAEFTS using GIBAN have reported a rapid rise in both number and value since the system went into effect in February 2018. FTA Director-General Khalid Ali Al Bustani said that the sustained success of the tax payment system via UAEFTS using GIBAN is a result of the strong strategic partnerships between the FTA and all relevant authorities in the UAE, which also ensured the smooth implementation of the tax system as a whole. "These systems reflect the Authority’s commitment to providing support to Taxable Persons. They align with the UAE’s strategy to reduce dependence on cash in financial transactions and to make use of the country’s advanced digital and technological infrastructure – a fundamental requirement for ensuring continuous development across the financial and economic sectors in the UAE," he asserted. "The FTA is dedicated to supporting the Smart Government initiative; this makes it essential for us to prioritize the e-payments sector, especially since the UAE has developed advanced payment services that meet the highest standards," Al Bustani added, reaffirming the FTA’s commitment to developing its services and ensuring customer happiness. The FTA Director-General went on to explain that the tax payment mechanism using GIBAN is available for all businesses registered with the Authority. Customers of most commercial banks operating in the UAE – who are members of the UAEFTS – can pay their due taxes online by transferring the funds from their bank accounts. < id="header-10"/p>
< id="header-11"p>< id="header-12"em>< id="header-13"strong>The < id="header-14"a href="http://www.wam.ae/en/details/1395302850562">original article< id="header-15"/a> was published by Emirates News Agency on June 23, 2020. < id="header-16"/strong>< id="header-17"/em>< id="header-18"/p>
