Banks on Board for Real Time Tax and Customs Payments
The Fiji Revenue and Customs Service (FRCS) is working with the Bank of the South Pacific (BSP) and Bank of Baroda on a real time e-payments mechanism to be part of the New Tax Information System (NTIS) which will be rolled out in August this year.
Through this initiative, bank customers will use their respective online banking portals to make payments to FRCS and payments will be validated in real time against the specific tax types and amounts payable.
“Effective August this year, once you log into the New Tax Information System, you will be able to see the types of taxes that are due, the amount payable and the penalties that these overdue taxes have attracted. Once you have this information with you, log into your BSP or Bank of Baroda online banking portal and make your payments from anywhere, anytime. It saves time and is completely paperless”, CEO Mr. Visvanath Das said.
“These payments will be captured real time into our system and will be reflected in the taxpayer’s ledger same time. This will reduce the number of suspense cases we get. For Customs payments through ASYCUDA it will also mean that business won’t need to have a prepayment account with FRCS. They can keep their own money- earn interest on it and pay FRCS in real time even in the weekends”.
Association of Banks in Fiji (ABIF) Deputy Chairman Mr. Sudhansu Sekhar Khamari who is also the Chief Executive Officer for Bank of Baroda Fiji Operations while applauding the initiative said that money transfer between accounts usually takes a few minutes, while a wire transfer or a postal one may take several days. Customers will not waste their time waiting in lines. This will be convenient to customers. All transfers can be performed at anytime, anywhere.
The New Tax Information System (NTIS) is designed to assist the tax office to provide a wider range of tax services and more importantly it allows taxpayers to experience and access the wide range of tax services in a more convenient way.
We are simplifying and trying to create simplicity in the tax legislation and provide a reliable way where taxpayers are willing to comply. This New Tax Information System (NTIS) introduces an up-to-date online standard in Fiji where Tax services will be made accessible and ensures a higher level of compliance.
The new Tax system is also designed to assist taxpayers in a more personal way that allows them to access Tax services like requests for TIN and Joint Card registration, Tax Compliance Certificates, Tax Clearances, Tax Exemptions, Statement of Tax Accounts, Objections etc. online without having to visit any FRCS office.
To access a single tax service, the NTIS does not necessarily require the user to have a computer. In other words, users can access their tax services through android electronic gadgets such as phones, ipads, tablets etc. as long as there is accessible internet coverage.