Monday, June 25, 2018
BankingFeatured

New Tax Payment System Launched

Stanbic Bank Uganda has partnered with Uganda Revenue Authority (URA) to launch a new tax payment system that allows both Stanbic and non Stanbic clients to pay takes using their laptop, tablets, phones and other mobile devices through the URA website.

Launching the e-tax payment solution on Monday in Kampala, URA said to make a payment, a taxpayer logs onto URA website and request for a Payment Registration Number (PRN).

Thereafter, one completes payment using the Stanbic payment tab by simply entering the relevant Visa /Master card details or MTN mobile money account.

The bank debits the card or mobile money wallet, processes and posts the payments into URA account. URA is notified about the payment and an electronic receipt is sent to the taxpayer. The receipt confirming payment of the tax is presented to URA.

Amidst the testing phase from December 1st 2017 to January 31st 2018, over Shs74m was collected. Since the launch of similar e-payment tax solutions in March 2017, over Shs4.5bn has been collected through these e-payment platforms.

Stanbic Bank’s Chief Executive, Patrick Mweheire stated, “The Mobile money and digital solutions are a fantastic innovation that will simplify the payment and collection of taxes by offering greater convenience”.

Stanbic CEO, Patrick Mweheire (L) and URA Ag. Commissioner General Patrick Mukiibi at the launch of new tax payment solution

Over the years, Stanbic Uganda has upgraded its services including the Stanbic App, which gives customers a single-view platform for interaction with the services offered by the bank.

URA Ag. Commissioner General Patrick Mukiibi stated, “URA continuously strives for process improvements by putting in place mechanisms that will stimulate compliance by leveraging the appropriate technology to reduce time and cost of doing business.”

The solution, he added, would reduce time and unnecessary costs in payment activities, eliminating obstacles to compliance.

This new solution is in addition to already existing tax payment solutions namely Cash, Cheque, POS (Pay Way), Mobile money (MTN), Real Time Gross Settlement (RTGS) and Electronic Funds Transfer (EFT).

 

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