Latest Form of eDirham system introduced by FTA for payment of taxes
Every day, we see our world morphing into a more developed and digitized one. The UAE banks are not behind any other department when it comes to this technological advancement. In an attempt to make tax collection more efficient and without intruding on the UAE Federal Tax Authority, launched an updated form of the eDirham system.
The newest generation of the electronic payment system will be even safer and easier to use. The Federal Tax Authority announced that UAE taxpayers should enroll with the most recent installment of eDirham till October 31. The third and latest update was released by the UAE Ministry of Finance the month before in order to amass and manage state dues and revenue in an efficient way. The Federal Tax Authority reported that it is currently ready to integrate the latest version of the program into their workings.
A dialogue with the Federal Tax Authority revealed that they are developing a scheme for October to ensure that the shift from the old system to the newer system is an easy process for the taxpayers. Moreover, the older version will soon be out of the picture and will no longer be accessible for making tax payments as soon as November begins. It sounds like taxpayers will have no choice but to keep up with the latest technology as it is in their best interest.
However, taxpayers should be mindful of the fact that the latest system is not fully complete as of yet. The Federal Tax Authority revealed that it cannot process Value Added Tax currently and only excise tax will be collected. It will be available as a fully functioning Tax collection system by next month or so they are hoping.
FTA also stated that they are keeping the UAE’s policy to increase the trend of making cashless proceedings in mind, and seems to be confident that their latest step in bettering their system will help in promoting online transactions and will be the next step in making them easier and more accessible to everyone. Online transactions are easier to monitor and are more efficiently cataloged.
The state aims to fully utilize their technological departments as in an increasingly digitized age the fastest way to develop is to efficiently integrate the latest technology and to improve on it constantly.
Furthermore, it seems that the need for bank cards is going to decrease as well, with the introduction of a new app coined: eDirham Instant Mubasher app, excise taxpayers will be capable of making their transactions through their smartphones. Surely this will be a great convenience for the busy citizens of the UAE. Adding to this, anyone already registered with banks involved in the eDirham scheme will be able to connect their financial records to the eDirham Instant Mubashir app and can submit their payments through it at any place and any time!