The Fiji Revenue and Customs Services (FRCS) has partnered with BRED Bank (Fiji) Pte Ltd by signing a memorandum of agreement (MOA) aimed at facilitating real-time electronic tax payments. The agreement was formalized in Suva by FRCS CEO Udit Singh and BRED Bank CEO Pierre Tastet.
The MOA will enable both institutions to create and maintain an application program interface (API) that is part of the Taxpayer Online Service (TPOS). This feature will allow customers of the bank to make tax payments through their online banking platforms, with real-time validation against specific tax types and accounts owed to FRCS.
Mr. Singh emphasized that as taxpayers in Fiji increasingly adopt digital technologies, the introduction of real-time e-payment services will provide significant advantages, including faster transactions, reduced costs compared to traditional payment methods, and improved management of cash flow for both businesses and individuals.
In a broader context, Mr. Singh noted the commitment to continue enhancing business processes not only to improve customer experiences but also to minimize costs and reduce tax gaps. He indicated that similar agreements with other banks are in the pipeline.
BRED Bank’s CEO highlighted the importance of evolving payment systems, stating that governments and businesses worldwide are transitioning from outdated systems to new platforms that offer faster, safer, and more convenient payment solutions. He acknowledged the considerable progress made by both organizations in achieving this pivotal goal.
This initiative represents a significant step towards modernizing tax payment processes in Fiji, promoting efficiency, and adapting to the evolving digital landscape.
In summary, this partnership is a progressive move that not only enhances the payment experience for taxpayers but also aligns with global financial trends, paving the way for further digital transformation in Fiji’s fiscal landscape. It is an optimistic sign of how technological advancements can improve public services and encourage more seamless interactions between citizens and their government.
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