Latest News Updates
FTA signs MOU with Central Bank for Tax Collection
The Federal Tax Authority (FTA) has signed a Memorandum of Understanding (MoU) with The Central Bank of the United Arab Emirates to facilitate tax collection through the UAE Funds Transfer System (UAEFTS) that offers a timely processing of fund transfers between bank accounts.
The UAEFTS will facilitate the payment of tax using the GIBAN (Generated IBAN) issued by the FTA to registered entities. This is closely linked to the TRN of the person paying the tax and the FTA unique entity identifier code 868.
As a remitting institution, the CB103/CB102 shall be used to accept and process tax payments to the credit of FTA in UAEFTS.
Key elements required for in CB102/CB103 that will need to be provided by the taxable entity:
- Purpose of Payment [TAX / GRI]
- Amount to be Paid to FTA
- GIBAN [The IBAN representation of the TRN of the Taxable entity]