08 March 2018

Customers with accounts in the UAE: Value Added Tax (VAT) payments to Federal Tax Authority (FTA)

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Beginning 28 February 2018, in compliance with local regulations, banks in the UAE are required to support VAT payments to the Federal Tax Authority (FTA).

The below would be applicable if you want to make a VAT payment to FTA using your account with HSBC UAE.

What this means for you 

You can use existing Priority Payment mode to make your VAT payments from your HSBC UAE account through any of your existing e-Channels (HSBCnet, HSBC Connect and SWIFTNet). 

How to submit VAT payments on HSBC’s e-Channels

  1. Using Priority Payment on-screen:

    Create a new payment instruction, selecting Priority Payment as the payment type and the appropriate UAE debit account.

    Complete the fields as per the following guidelines:

    • Beneficiary Bank identifier: Choose ‘Bank Code’ and input the Code as 386810000. You can also use the Search by Name functionality to get the bank code for Federal tax Authority
    • Beneficiary Account Name: Please use the highlighted fixed text (FEDERAL TAX AUTHORITY) followed by the last 15 digits of the beneficiary IBAN.
    • Beneficiary Account Address: MINISTRY OF FINANCE 3A STREET DUBAI 2440 UNITED ARAB EMIRATES
    • Beneficiary Account Number or IBAN: Please use your GIBAN1
    • Regulatory Reporting: Purpose of Payment: Must always be ‘GRI’ or ‘UTL’ or ‘TAX’. Please note that ‘GRI’ and ‘UTL’ can only be used till 31 May 2018.
    • Charge type: Use charge type as ‘SHA’

     

  2. Using File upload:

    Create a new payment instruction, selecting Priority Payment as the payment type and the appropriate UAE debit account.

    If you are using Instruction Level Authorisation please use the below table when inputting Beneficiary Bank Identifier as 386810000

    File Format Record Type Field Usage Comments
    IFile Second Party Details Record for HVP (PP) 35 - Beneficiary Bank ID/ SWIFT Address Code BCD for bank code -
    36 - Beneficiary Bank ID/ SWIFT Address Code LCC Code of FTA -
    MEABASIC Priority Payment Z - Bene Bank Code LCC Code of FTA -
    Paymul Segment Group 12 , Segment Number: 45 Element 3434 - Institution branch number
    Example - FII+BF+AE8X0X000000210XXXXXXXX:FEDERAL TAX AUTHORITY::AED+:::386810000:25:ZAE+AE'
    LCC Code of FTA -
    XML V2 Creditor Agent tag <CdtrAgt> <FinInstnId><ClrSysMmbId><Id>XXXXXLCC Code LCC Code of FTA 1. Prefix five X's before LCC code
    2. If over populated with Swift BIC,  BIC will take precedence.
    XML V3 Creditor Agent tag <CdtrAgt><FinInstnId><ClrSysMmbId><MmbId> LCC Code of FTA If over populated with BIC,  BIC will take precedence.

     

    For Beneficiary Bank identifier, Beneficiary Account Name, Beneficiary Account Address, Beneficiary Account Number or IBAN, Regulatory Reporting: Purpose of Payment, Charge type, please use the details quoted in section I.

    Alternatively you can also use Swift BIC (E868AEXX ) for Beneficiary Bank Identifier if you are using File level Authorisation, please refer to the table below

    File Format Record Type Field Usage
    IFile Second Party Details Record for HVP (PP) 35 - Beneficiary Bank ID/ SWIFT Address Code SWF for SWIFT BIC
        36 - Beneficiary Bank ID/ SWIFT Address Code SWIFT BIC of FTA
    MEABASIC Priority Payment Z - Bene Bank Code SWIFT BIC of FTA
    Paymul Segment Group 12 , Segment Number: 45 Element 3434 - Institution branch number
    Example - FII+BF+AE810X0000002X0X0X7XX02:FEDERAL TAX AUTHORITY::AED+E868AEXX:25:5+AE'
    SWIFT BIC of FTA
    XML V2 Creditor Agent tag <CdtrAgt> <FinInstnId><CmbndId><BIC> SWIFT BIC of FTA
    XML V3 Creditor Agent tag <CdtrAgt> <FinInstnId><BIC> SWIFT BIC of FTA

     

    For Beneficiary Bank identifier, Beneficiary Account Name, Beneficiary Account Address, Beneficiary Account Number or IBAN, Regulatory Reporting: Purpose of Payment, Charge type, please use the details quoted in section I.

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