Making tax payments on time is very important to avoid penalties. This guide will help explain the different simple options available to pay your taxes to the Federal Tax Authority (FTA) in the United Arab Emirates for the year 2024 in an easy way.
Understanding Key Payment Methods
FTA provides various easy methods to pay your tax amount. Here are some most used options:
Bank Transfers
You can easily transfer money from your bank locally or internationally. For local transfers inside UAE, use your mobile banking app or go online. Add FTA as a person you have to pay by entering your Taxpayer Registration Number (TRN) and Gulf Initiative for Building Account Number (GIBAN).
For transfers from outside UAE, give your bank these details of FTA’s account: GIBAN number, account name “Federal Tax Authority – E868AE”, and SWIFT code CBAUAEAAXXX. Also provide your TRN so payment is credited correctly. Allow more time for international transfers to get processed which may take up to one week.
Credit/Debit Cards
FTA accepts fast payments using Visa or Mastercard plastic money cards. You can use your card on FTA’s website or through licensed processors like e-Dirham. There will be a small fee charged of 2-3% of total amount for card payments.
Exchange Houses
Major money transfer companies in UAE like UAE Exchange and Al Ansari permit over-the-counter tax payments. Go to any branch and give them your GIBAN, TRN and amount to be paid. Do this at least 2 days earlier than deadline to ensure timely processing.
FTA has introduced a new digital payment method also for 2024 where you can easily pay tax using mobile wallets connected to your UAE bank account securely.
Knowing Vital Payment Deadlines
It is very important to keep in mind FTA’s key dates, otherwise you may have to pay penalties for late payments. Here are the main deadlines:
VAT
- For January to March quarter – Pay by April 30
- For April to June quarter – Pay by July 31
- For July to September quarter – Pay by October 31
- For October to December quarter – Pay by January 31 of 2025
Corporate Tax
- For January to March quarter – Pay by May 15
- For April to June quarter – Pay by August 15
- For July to September quarter – Pay by November 15
- For October to December quarter – Pay by February 15 of 2025
Any missed deadlines will give rise to 5% fee per month on unpaid taxes for VAT and 3% for corporate tax as per updated FTA policy.
Conclusion
I hope this detailed guide helped explain in an easy way about FTA’s tax payment options and dates for 2024. Planning finances early ensures taxes are paid on time without penalties. Feel free to ask if you need any clarification. Following guidelines properly ensures tax compliance.
FAQs
A. Visit FTA’s official website www.tax.gov.ae and login with your registration details. You will find these ID numbers on your profile page which you can make or renew from there.
A. Provide recipient as “Federal Tax Authority – E868AE”, your 11 digit GIBAN number and SWIFT code CBAUAEAAXXX to your bank. Also mention your Tax Registration Number for crediting in right account.
A. Local bank transfers usually get credited within 1-2 working days while international transfers may take 5-7 days. Card and exchange payments are instant on approval.
A. In case payment could not be done before due date, immediately contact FTA through their helpline or live chat options. You can also visit bank for alternative payment method to avoid penalties
