Tax agent: a regulatory order to classify the amounts due to the Authority
Banks require a reference number from the Federal Tax Authority to complete the payment of tax
The amounts transferred or paid were made without classification or division. Archival
Mohamed Helmy: "The technical tax structure is witnessing continuous development, and keeps pace with the requirements of business owners."
Banks operating in the UAE have started requiring a reference number from the Federal Tax Authority to complete the process of paying the value-added tax (VAT) prescribed on companies starting from the last tax period ending on January 31.
According to company owners who confirmed to Emirates Today that all procedures for submitting tax returns are as usual, until the last step and when an order is given to pay directly from the bank account, the bank requests a reference number to transfer the amount due to tax, without any explanations about the reason for this.
It is noteworthy that the largest percentage of companies rely on bank transfer directly to pay VAT, due to its ease and speed of payment.
The tax agent, Mohamed Helmy, said that «requesting a reference number for tax payments is a regulatory order under which the amounts paid to the authority are classified, so that it can be known whether it is to pay the tax due or it is to pay fines or both».
He explained that «the last period was not required reference number, as the amounts transferred or paid are made without classification or division, are transferred directly to the account of the authority, but now it is possible to know and refute the items of these payments under the reference number».
Helmy pointed out that «the procedure is new, so (surprised) some companies, but now everyone understands the matter, and payment is easy and convenient», pointing out that the payment of tax is currently done by more than one means, including Al Ansari Exchange Company or directly from the bank account or through the smart platform of First Abu Dhabi Bank «Majnaty».
He pointed out that through practice, the new (Emarat Tax) platform has become a smooth and easy payment process, pointing out that the technical tax structure is witnessing continuous development, keeping pace with the requirements of company owners, and is likely to develop further during the coming period in preparation for the implementation of corporate tax.
In another matter, business owners said that they received calls from the Federal Tax Authority, calling on them to register early, in the corporate tax to be applied in the second half of this year, and they also received details about the "Mowafaq" initiative, which aims to provide financial and accounting support to small and medium enterprises, while the market is waiting for the issuance of the executive regulations of the law, as it is the most important measure before the start of implementation.
With the entry into force of corporate tax as well, there will be three types of tax, namely VAT, Excise Tax and Corporate Tax.