By KELLY NJOMBO
STANBIC Bank Zambia has partnered with the Zambia Revenue Authority (ZRA) to launch a payment system which will enable the bankâ€™s customers to settle their customs duties and domestic tax online.
The E-tax payment system offers efficiency and is a cost-effective way of settling tax obligations which should support business in being compliant with the ZRA.
The online payment model will also interface with ZRAâ€™s Asycuda system which will automatically be updated with the tax payment made by the tax payer.
Stanbic chief executive officer Charles Mudiwa said paying tax on-line would help reduce the cost of doing business and improve efficiency for the bankâ€™s customers.
â€œStanbic Bank is keen to support the Zambian economy with tax being an important contributor to the countryâ€™s treasury. It will be agreed at this point that an effective tax collection system that is a tool for investment and that revenues generated from a robust tax system are the lifeline of any economy,â€ he said.
â€œThe online tax payment solution provides our customers with faster turnaround times and will help in making compliance easier on the basis of simple use and access to the payment platform thus making tax compliance much faster, efficient, secure and cost effective,â€ he said.
Mr Mudiwa said at the launch in Lusaka recently that transactions using the online tax payment systems can be done anytime and from any location.
He also commended ZRA for its effort towards widening the countryâ€™s tax base through the implementation of the E-tax payment method.
Mr Mudiwa said through ZRA efforts, he was optimistic that other companies that bank with Stanbic would come on board to pay their tax through the on-line system which would offer them an opportunity to focus on the core operations of their business.
And ZRA commissioner for customs service Dingani Banda said the launch of the E-tax payment solution was in line with ZRAâ€™s strategic focus of optimising and sustaining revenue collection through integrated, efficient, cost-effective and transparent systems.
He said ZRA, like many other organisations, operates in an environment in which technology is changing business models.
By KELLY NJOMBO