SEPA is a European Union Initiative which will standardise euro electronic payments across Europe. SEPA takes full effect from 1 February 2014 and from this date an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will be required to make/receive euro electronic payments. Revenue have advised that they will continue to use all existing electronic payments methods (including direct debit) post 1 February 2014. Existing bank accounts being used to make tax payments will be converted to the new BIC and IBAN without the necessity to request new mandates.

Further information on SEPA and what it means for you as a business or a consumer is available from http://www.readyforsepa.ie/. We will be engaging with Revenue through the TALC Collection forum on we will report on any developments in tax.point.