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UAE’s FTA suspends eDirham system for tax payment; FAB’s system announced

UAE’s FTA suspends eDirham system for tax payment; FAB’s system announced
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UAE – Mubasher: The UAE’s Federal Tax Authority (FTA) halted the eDirham system for paying tax on 30 October 2022, according to a press release.

The authority pointed out that the eDirham system will be replaced with Magnati, a smart payments option from First Abu Dhabi Bank (FAB), which provides advanced software solutions for online payments.

Moreover, the government entity noted that Magnati’s payments option allows users to pay their tax dues through FAB’s Magnati platform. It also enables registrants to pay any amounts due to the FTA using credit cards.

This step aligns with the Ministry of Finance’s suspension of using the eDirham system for government payments and allowing paying fees for government agencies’ services through the various payment options authorised in the UAE.

It is worth noting that in the first nine months (9M) of 2022, the net profit attributable to the owners of FAB reached AED 10.94 billion, an annual growth of 19% from AED 9.20 billion.