This Graphical Image Showing Timely and Cost-Effective Tax Payment via GIBAN

Timely and Cost-Effective Tax Payment via GIBAN

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Paying taxes is important for businesses and individuals. However, the process of tax payment can sometimes be difficult and expensive. With the introduction of GIBAN by the UAE government, tax payments have become convenient and cost-effective.

GIBAN stands for General Insurance Benefits and Accounts Number. It is the new digital system for tax payments in the UAE. In this blog post, we will provide a detailed overview of the GIBAN system and how it helps streamline tax compliance in a fast and affordable manner.

What is GIBAN?

GIBAN allows taxpayers to pay their taxes through an integrated digital platform. It does away with the hassles of visiting bank branches or paying cash while ensuring tax obligations are fulfilled on time.

The key features of GIBAN include:

Online and mobile tax payment options

With GIBAN, taxpayers can pay their taxes conveniently using internet and mobile banking platforms. This can be done through the GIBAN website or mobile app. Taxpayers simply need to login, identify the relevant tax duty and amount using the automated payment slip, and transfer funds with a few taps on their device. This makes last-minute payments stress-free without any added transaction costs.

Generation of automatic payment slips

GIBAN automatically generates customised payment slips or vouchers for each taxpayer based on their filed tax returns. These digital slips contain all important payment details like tax authority name, period, due date, amount payable etc. Taxpayers can easily retrieve slips for outstanding or upcoming payments to complete transactions seamlessly through their registered bank account on GIBAN.

Real-time payment status updates

Once a payment is initiated on GIBAN, the platform instantly confirms receipt in the taxpayer’s account. They can view a transaction history with detailed records for audit purposes. This real-time tracking saves time spent on follow-ups and helps maintain updated compliance records digitally. Taxpayers are kept aware of their legal financial obligations at all times for continuous compliance.

Single unified account for all tax duties

GIBAN acts as a one-stop platform to centrally manage all types of tax responsibilities – be it income, VAT or withholding tax. Taxpayers don’t need multiple registrations or logins, simplifying the overall tax compliance process from a single digital account. Payments to multiple authorities can be bundled for consolidated reporting as required.

Why Use GIBAN?

There are several advantages of adopting GIBAN for tax payments:

Avoid Late Payment Penalties

GIBAN allows taxpayers to pay taxes anytime, anywhere before due dates. This ensures timely fulfillment of obligations as no physical bank visits are required. Late fees that can amount to 5% per month are waived. The portal also sends timely alerts about upcoming due payments via SMS/email. With 24/7 access on mobile devices, GIBAN has better chances of meeting strict deadlines compared to conventional methods.

Save on Bank Fees

Levying service charges is a common practice at bank branches for tax payments. However, transactions through GIBAN incur no additional costs as the entire process is digital. Over time, this can accrue significant savings especially for businesses with frequent quarterly tax submissions. Fund transfers take place directly between taxpayers’ registered accounts and authority accounts with no intermediary fee deductions in between.

Convenient Tracking

GIBAN’s online dashboard provides centralized visibility of all tax activities. Taxpayers can easily view status of previous and current filings along with supporting documents as required. Account statements serve as digital compliance proof to authorities as well as for self-audit purposes. Payment status is updated instantly, avoiding uncertain waits. Versatile search filters help retrieve past records with ease for reference or proof.

How to Register and Set Up GIBAN

Setting up GIBAN involves a straightforward registration process:

Visit the GIBAN Portal – Taxpayers need to log on to the official GIBAN website and click on the registration link.

Enter Personal Details – Fill the online form with details like name, ID number and contact information to create an account.

Link Bank Account – Once registered, link your local bank account in which tax amounts will be auto-debited.

Generate Payment Slips – Login to the GIBAN dashboard any time to view or download payment vouchers for respective tax duties.

Make Digital Payments – Launch your bank app and transfer funds to the government using the GIBAN account number on the slips.

Real User Experiences with GIBAN

Let’s look at how real taxpayers are benefitting from the GIBAN system:

Ahmed, a salon owner – GIBAN helped Ahmed organize his quarterly VAT filings and payments in one place. He no longer worries about missing deadlines.

Ayesha, a freelancer – Being able to pay taxes from her phone using GIBAN saves Ayesha time and transport costs compared to visiting the bank.

Jassim, an accounting firm – GIBAN streamlined tax compliance for Jassim’s SME clients, improving cash flows and productivity.

Conclusion

GIBAN has significantly simplified the task of tax payment in the UAE. Its user-friendly interface and on-the-go access make compliance fast, easy and cost-effective for all types of taxpayers.

FAQS

Is my financial information secure on GIBAN?

Yes, GIBAN adheres to stringent data protection policies. Transaction details are encrypted for privacy and security.

What if I face technical issues with GIBAN?

For any queries related to GIBAN functionality, taxpayers can contact the digital tax support team through live chat, email or telephone.

Do I need to have an existing bank account to use GIBAN?

Yes, GIBAN requires taxpayers to link a valid domestic bank account to their registered profile for seamless fund transfers.

Which tax types can I pay using GIBAN?

GIBAN currently supports payment of common tax types like income tax, VAT, withholding tax etc. More categories will be added gradually.

How do I check payment status if a transaction fails?

Log in to your GIBAN account and view the transactions tab for status of all attempts. You can also reach out to the bank or GIBAN support team for assistance.

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VIBHA MALIK MODI

Ms. Vibha Modi, CA, is supported by 13+ Years of Corporate Tax, International Taxation and Accounting Expertise.

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