Fiji Revenue and Customs Services (FRCS) and BRED Bank (Fiji) Pte Ltd have partnered by signing a memorandum of agreement (MOA) to facilitate real-time electronic tax payments. The agreement, formalized in Suva, will enable both organizations to develop and manage an application program interface (API) within the Taxpayer Online Service (TPOS).
FRCS Chief Executive Udit Singh explained that this new interface will empower the bank’s customers to make tax payments directly through their online banking platforms, with real-time validation against specific tax types and outstanding amounts owed to FRCS. Singh highlighted that with the increased adoption of digital technology among taxpayers in Fiji, the implementation of real-time e-payment services will yield significant benefits.
He noted that both individuals and businesses would experience advantages such as quicker payment processing and cost-effectiveness compared to traditional payment methods. Furthermore, enhanced cash flow will enable better management of daily operations for taxpayers.
Singh reaffirmed FRCS’s commitment to improving business processes aimed at enhanced customer experiences, cost reduction, and minimizing tax gaps. He also mentioned ongoing discussions with other banks to establish similar arrangements.
BRED Bank CEO Pierre Tastet emphasized the global shift away from outdated payment systems towards modern platforms that offer fast, safe, and user-friendly payment solutions. He acknowledged the substantial investments and efforts required to achieve these advancements, expressing pride in the progress both organizations have made in meeting this strategic goal.
This collaboration reflects a significant stride towards modernizing tax payment processes in Fiji, benefiting both taxpayers and financial institutions alike. As digital payment systems evolve, this initiative could pave the way for a more efficient, transparent, and accessible tax payment experience in the region.
Overall, this agreement is a promising development for the financial landscape in Fiji, showcasing a proactive approach to embracing technology for improved services.
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