Bridgewater Management Consultancies

News Release: FTA Rolls Out New Corporate Tax GIBAN for Enhanced Tax Payment Process

Corporate Tax GIBAN UAE

Announcement

Bridgewater Management Consultancies, a leader in financial advisory in the UAE, is at the forefront to announce the Federal Tax Authority’s (FTA) latest stride in tax administration—the implementation of a new Corporate Tax GIBAN (CT GIBAN).

This new system is designated to facilitate the accurate and efficient processing of corporate tax payments. With the introduction of CT GIBAN, businesses are required to use this specific bank account number when fulfilling their corporate tax obligations. This move is aimed at segregating corporate tax payments from other tax types, such as Value Added Tax (VAT), ensuring that payments are attributed to the correct accounts without any confusion.

Key Implications for UAE Businesses:

  1. Exclusive GIBAN for Corporate Tax: The CT GIBAN is tailored solely for corporate tax payments, reflecting the FTA’s commitment to streamline tax payment systems.
  2. Distinguished from VAT Payments: CT GIBAN is separate from the VAT GIBAN, underlining the need for businesses to update their payment processes accordingly.
  3. Avoidance of Payment Delays: Correct usage of CT GIBAN is crucial in preventing delays or complications in the tax payment process.

 

Bridgewater Management Consultancies advises all our clients and the broader business community to take note of this development and to act promptly in updating their payment systems. It is critical to ensure that future corporate tax payments are made using the new CT GIBAN to maintain compliance and avoid any potential operational hiccups.

As your trusted financial advisor, Bridgewater Management Consultancies is dedicated to providing support and guidance during this transition. Our team of experts is prepared to assist with any inquiries or support you may need in integrating this new requirement into your financial operations.

About Bridgewater Management Consultancies:

Bridgewater Management Consultancies has been providing comprehensive financial services, including tax advisory and compliance assistance, to businesses across the UAE. Our commitment to excellence and staying ahead of regulatory changes underscores our promise to empower businesses for financial success.

For further assistance, please contact us or visit our website.

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