To make paying VAT easier for registered persons, the Federal Tax Authorit trn verification (FTA) has introduced a new payment method: GIBAN. This is in addition to the existing eDirham facility and credit card payment options. Let’s understand what GIBAN is and how to use it to pay VAT Registration.
What is GIBAN?
GIBAN (Generated International Bank Account Number) is a unique IBAN (International Bank Account Number) assigned to each VAT-registered person. You can transfer funds from certain UAE banks to the FTA using your GIBAN. GIBAN transfers ensure timely processing between bank accounts.
Which Tax Payments Can Use GIBAN?
You can use GIBAN to pay outstanding VAT Registration uae, Excise Tax, penalties, and more.
When Can I Start Using GIBAN?
You can begin using GIBAN to make payments starting February 28, 2018.
How Do I Get a GIBAN?
Each taxable person is assigned a GIBAN based on their TRN (Tax Registration Number). You can find your GIBAN displayed in your FTA eServices portal dashboard.
In summary, GIBAN is a new FTA online payment option that avoids the 2-3% credit card fees. It ensures timely transfer of your tax payments to the FTA.