Fiji Revenue and Customs Services (FRCS) and BRED Bank (Fiji) Pte Ltd have signed a memorandum of agreement (MOA) that will enable real time electronic payment of tax.
The MOA — signed in Suva yesterday by FRCS chief executive Udit Singh and BRED Bank CEO Pierre Tastet — will allow the institutions to develop, operate and maintain an application program interface (API) as part of the Taxpayer Online Service (TPOS) for real-time e-payment of tax.
Mr Singh said the interface would allow the bank’s customers to use their respective online banking portal to make tax payments that would be validated in real-time against the specific tax types and accounts payable to FRCS.
He said as taxpayers in Fiji used digital technology in more areas of their work, the introduction of real-time e-payment services would benefit them.
“Business and individuals alike will benefit in many ways, including making and having payments cleared faster and at a lower cost than using the traditional payment method and being able to manage day-to-day operations better with improved cash flow.”
He said they were committed to further enhance business processes to improve customer experiences, reduce costs and close tax gaps.
He said they were working on having similar arrangements with other banks.
“Today, governments and businesses around the globe are moving away from legacy payment systems towards new platforms that can deliver payment services in a fast, safe and convenient manner,” Mr Tastet said.
He said the financial landscape of transferring money and making payments had significantly evolved over the years and such investments did not come easy and cheap.
“We can all be proud of the substantial progress that has been made by both stakeholders in achieving this strategic objective.”
