Stanbic Bank has scored tremendous success in promoting the benefits of electronic tax filing and payment systems to its customers since the Zambia Revenue Authority introduced the new online payment system.
Since 2014 long before ZRA made electronic tax filing and then tax payment systems mandatory in November 2016 Stanbic Bank has made significant investments in building knowledge and capacity among its clients who use its SmartPAY electronic tax (e-tax) platform.
On this platform, clients can view ZRA tax obligations, pay for taxes online, view tax historical payments as well as print tax obligations and payment receipts.
The bank’s staff and client education programme has since yielded positive feedback with close to 2,800 customers registered to make electronic payments, of which more than 90% are active.
Besides rolling out an e-tax filing and payment system for the key taxes: corporate income tax, VAT, withholding tax and personal income tax as well as social security contributions, Stanbic Bank led the way in 2014 by becoming the first bank to adopt ZRA’s ASYCUDAWorld electronic Customs clearing system.
ASYCUDAWorld automates the whole import and export customs declaration and payment process, thereby expediting customs clearance at border posts. Since then, the bank has recorded tremendous growth in the use of online payments.
The e-tax system was developed by ZRA in conjunction with commercial banks to help serve taxpayers with the process of online tax payment and making tax collections more efficient.
Helen Lubamba, the Head of the Corporate and Investment Banking at Stanbic Bank says they remain strong in their resolve to help improve capacity and reduce tax compliance costs for its customers, and tax administration costs for ZRA.
Lubamba says the Bank recognise the importance that efficient tax systems have in providing the government with the resources it needs to deliver its social and economic services.
MARCH 29, 2017