Single Euro Payments Area (SEPA)
The Single Euro Payments Area (SEPA) is a means by which electronic payments denominated in euro are to be standardised across Europe for the first time. SEPA will become fully operational on the 1st February 2014.
What is the Single Euro Payments Area (SEPA)?
SEPA is a European Union initiative that is changing the way euro electronic payments are processed across participating SEPA countries. These electronic payments are being standardised across Europe for the first time. Under SEPA an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will be required to make/receive euro electronic payments i.e. Direct Debits/Credit Transfers.
Locating BIC and IBAN
Customers will find the BIC and IBAN located in their bank account statement or in their banks online systems. A service is available on the Irish Payment Service Organisation (IPSO) web site which will convert Irish sort code (NSC) and account number to the equivalent BIC and IBAN.
SEPA Credit Transfers (SCC)
With effect from December 2013 all Credit Transfers issued by Revenue will be processed through the SEPA Credit Transfer scheme. Customers supplying new bank details from 2 December 2013 must supply a BIC and IBAN as these will be used to make Credit Transfers from that date.
Customers will be able to supply bank account details (BIC and IBAN) in respect of tax refunds for any bank located in any of the SEPA participating countries. In this instance customers should confirm that the bank in the country they have chosen is participating in the SEPA scheme.
SEPA Direct Debits (SDD)
Revenue will be transferring all its Direct Debit payments including ROS Debit Instructions and Single Debit Authorities into the SEPA Direct Debits scheme in early January 2014. With effect from 2 December 2013 customers must supply mandates containing the BIC and IBAN for any new bank account being used to make SEPA Direct Debit payments.
Revenue's online systems will capture the BIC and IBAN supplied on all SEPA Direct Debit mandates including ROS Debit Instructions (RDIs) and Single Debit Authorities (SDAs). Customers should note that if they wish to make tax payments with bank accounts located in one of the SEPA participating countries this will be possible with effect from 15th January 2014.
Single Debit Authorities (SDAs) Revenue is currently changing the format of the paper payslips used for payment of tax by means of a Single Debit Authority (SDAs). The new format will enable customers to insert the bank account details using BIC and IBAN. These payslips primarily used for P30 and VAT3 payments will issue in January 2014. Revenue will, in 2014, continue to accept payslips that have already issued in sort code and account number format.
Local Property Tax and SEPA Customers supplying bank accounts to pay property tax by means of Direct Debit and Single Debit Authority must do so, online on revenue.ie. Customers are advised that with effect from 2 December 2013 where bank account details are supplied it is the BIC and IBAN that must be provided. Only a BIC and IBAN for Irish based current bank accounts will be accepted initially. With effect from 15 January 2014 it will also be possible to provide a bank account from a bank in a participating SEPA country to pay local property tax. Where customers are using a bank account in another SEPA participating country they should confirm that their bank is participating in the SEPA scheme.
If you would like more information on the Single Euro Payments Area (SEPA) scheme, call us on 01 5330814.
What is the Single Euro Payments Area (SEPA)?
SEPA is a European Union initiative that is changing the way euro electronic payments are processed across participating SEPA countries. These electronic payments are being standardised across Europe for the first time. Under SEPA an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will be required to make/receive euro electronic payments i.e. Direct Debits/Credit Transfers.
Locating BIC and IBAN
Customers will find the BIC and IBAN located in their bank account statement or in their banks online systems. A service is available on the Irish Payment Service Organisation (IPSO) web site which will convert Irish sort code (NSC) and account number to the equivalent BIC and IBAN.
SEPA Credit Transfers (SCC)
With effect from December 2013 all Credit Transfers issued by Revenue will be processed through the SEPA Credit Transfer scheme. Customers supplying new bank details from 2 December 2013 must supply a BIC and IBAN as these will be used to make Credit Transfers from that date.
Customers will be able to supply bank account details (BIC and IBAN) in respect of tax refunds for any bank located in any of the SEPA participating countries. In this instance customers should confirm that the bank in the country they have chosen is participating in the SEPA scheme.
SEPA Direct Debits (SDD)
Revenue will be transferring all its Direct Debit payments including ROS Debit Instructions and Single Debit Authorities into the SEPA Direct Debits scheme in early January 2014. With effect from 2 December 2013 customers must supply mandates containing the BIC and IBAN for any new bank account being used to make SEPA Direct Debit payments.
Revenue's online systems will capture the BIC and IBAN supplied on all SEPA Direct Debit mandates including ROS Debit Instructions (RDIs) and Single Debit Authorities (SDAs). Customers should note that if they wish to make tax payments with bank accounts located in one of the SEPA participating countries this will be possible with effect from 15th January 2014.
Single Debit Authorities (SDAs) Revenue is currently changing the format of the paper payslips used for payment of tax by means of a Single Debit Authority (SDAs). The new format will enable customers to insert the bank account details using BIC and IBAN. These payslips primarily used for P30 and VAT3 payments will issue in January 2014. Revenue will, in 2014, continue to accept payslips that have already issued in sort code and account number format.
Local Property Tax and SEPA Customers supplying bank accounts to pay property tax by means of Direct Debit and Single Debit Authority must do so, online on revenue.ie. Customers are advised that with effect from 2 December 2013 where bank account details are supplied it is the BIC and IBAN that must be provided. Only a BIC and IBAN for Irish based current bank accounts will be accepted initially. With effect from 15 January 2014 it will also be possible to provide a bank account from a bank in a participating SEPA country to pay local property tax. Where customers are using a bank account in another SEPA participating country they should confirm that their bank is participating in the SEPA scheme.
If you would like more information on the Single Euro Payments Area (SEPA) scheme, call us on 01 5330814.
