The Single Euro Payments Area (SEPA) is a means by which electronic payments denominated in euro are to be standardised across Europe. SEPA is operational since 1 February 2014.
The Revenue Commissioners have completed the necessary works to process electronic payments within the Single Euro Payments Area.
An International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will now be required to make/receive euro electronic payments i.e. Direct Debits / Credit Transfers.
Where customers have already provided bank account details, using sort code and account number, to make tax payments or receive tax refunds, Revenue have automatically converted these to the required IBAN and BIC.
Taxpayers who wish to set up new direct debits or credit transfers must provide the BIC and IBAN for the bank account they wish to use.
Taxpayers will find the BIC and IBAN located on their bank account statement or in their banks online systems. A service is also available on the Irish Payment Service Organisation (IPSO) web site which will convert a sort code and account number to the equivalent IBAN and BIC.
There is currently a delay with Revenue processing direct debit payments and online credit transfers because of the implementation of SEPA.