FRCS Signs MOA With BRED Bank For Real-Time E- Payments For Tax
As part of its strategic focus to further enhance customer service and experience, the Fiji Revenue and Customs Service (FRCS) signed a Memorandum of Agreement (MOA) with the BRED Bank (Fiji) Pte Limited this morning, paving way for real-time e-payments for tax.
The MOA, signed by the FRCS CEO, Mr. Udit Singh, and the BRED Bank CEO, Mr. Pierre Tastet, will allow FRCS and BRED Bank to develop, operate and maintain an Application Program Interface (API) as part of the Taxpayer Online Service (TPOS) for real- time e-payments for tax.
Describing this initiative as a significant milestone for FRCS, Mr. Singh stated that the interface will allow BRED Bank customers to use their respective online banking portal to make payments to FRCS which will be validated in real-time against the specific tax types and accounts payable to FRCS.
According to Mr. Singh, the real-time payment mechanism is another addition to the e-services provided to FRCS customers.
“As taxpayers in Fiji use digital technology in more and more areas of their work, the introduction of the real-time e-payment service will be very beneficial to 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.
“FRCS is committed to further enhance its business processes not only focused on improving the customer experience but also reducing cost of doing business and closing tax gaps.”
FRCS is also working on having similar arrangements with the other banks in Fiji as well.
Mr. Singh thanked the team from BRED Bank for partnering with FRCS in this initiative and encouraged people to utilise the real-time e-payment service.
With the implementation of the new interface, taxpayers will be able to acquire from TPOS information on taxes that are due, amount payable as well as the penalties for overdue taxes. They can then log into their BRED Bank online banking portal and make their tax payments from anywhere and anytime. These payments will be reflected in real-time in the FRCS system and in the respective taxpayer’s ledger.
BRED Bank CEO Mr. Pierre Tastet said “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. We are honour ed and thank FRCS in choosing BRED Bank to implement this real-time e-payment system in Fiji.”
“I encourage our BRED customers to fully utilize our digital platforms; BRED Fiji Connect for individual customers and BRED Business Connect for Corporate customers to experience speed, convenience and security in today’s fast paced world.” Mr. Pierre added.
In closing remarks, Mr. Pierre said “The financial landscape of transferring money and making payments has significantly evolved over the years and such investments do 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.”
Last Updated - December 6, 2024