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How to submit Value Added Tax (VAT) payments from 28 February 2018

Using Priority Payment screens in HSBCnet:

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

  2. Complete the payment fields following the guidelines outlined in the table below:
VAT payment instructions:
Field
 Input instructions
Charges
Select SHA
Beneficiary Bank Identifier

Select Bank Code or SWIFT BIC of FTA (Federal Tax Authority)

Bank Code - 386810000 or SWIFT BIC - E868AEXX
Beneficiary name
Enter:

FEDERAL TAX AUTHORITY followed by your TRN (Tax Registration Number / the last 15 digits of your beneficiary IBAN) *
Beneficiary address
Enter:

MINISTRY OF FINANCE 3A STREET DUBAI 2440 UNITED ARAB EMIRATES
Beneficiary account number or IBAN
Enter your GIBAN **
Regulatory Reporting
In the ‘Purpose of Payment’ field, select TAX from the drop-down menu.

You can also choose ‘GRI’ and ‘UTL’ until 31 May 2018
* To obtain your TRN, please contact the Federal Tax authority.

** To obtain your GIBAN, please contact the Federal Tax authority.

Using the File Upload service:

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

  2. Enter the required information as outlined in the VAT payment instructions table above.

    Refer to the below table for information on how to incorporate the required information in your payment files:
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*
65 - Regulatory Reporting Line1
/BENEFRES/AE//Purpose code**
MEABASIC
Priority Payment
Z - Bene Bank Code
SWIFT BIC of FTA*
BD - Regulatory Reporting Line 1
/BENEFRES/AE//Purpose code**
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*
Segment Group 15 , Segment Number: 59
Element - C108-4440

Example:
FTX+UAE+++/BENEFRES/AE//XXX'

/BENEFRES/AE//Purpose code**
XML V2
Creditor Agent Tag
<CdtrAgt> <FinInstnId><CmbndId><BIC>
SWIFT BIC of FTA*
Regulatory Reporting Tag
<RgltryRptg><RgltryDtls><Inf>
/BENEFRES/AE//Purpose code**
XML V3
Creditor Agent tag
<CdtrAgt> <FinInstnId><BIC>
SWIFT BIC of FTA*
Regulatory Reporting Tag
<RgltryRptg> <Dtls> <Cd>
Purpose code**

* For SWIFT BIC of FTA, use "E868AEXX" for the UAE Federal Tax Authority SWIFT BIC.

** In the ‘Purpose code’, input "TAX". You can also input "GRI" and "UTL" until 31 May 2018.

For questions about VAT payments in the UAE, please contact your HSBC representative.

 

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