Thailand
Cambodia: ANZ to offer online tax payment system
ANZ Royal customers will be able to make tax payments in local currency and in US dollars at all bank branches and online starting in April following the signing of a memorandum of understanding (MoU) with the Economy and Finance Ministry on Friday.
The MoU made ANZ Royal the sixth bank the government has allowed to serve as a tax payment service. The partnership will also see ANZ Royal offer corporate tax payment services and expanded capabilities on its ‘ANZ Transactive’ digital platform.
Leonie Lethbridge, ANZ Royal’s chief executive, said at the MoU signing ceremony that the deal will facilitate tax payments and increase their ability to support local and international customers operating in Cambodia and throughout the region.
“We are pleased to launch this innovative digital solution to the market, which will not only save our customers time, but offers a convenient and secure way for them to manage their tax payments,” she said.
“This increase in capability will also help with managing compliance, endorsing timely taxation payments, irrespective of where the payer is physically located.”
So far, the government has signed MoUs with six banks – Acleda Bank, Canadia Bank, Wing Limited Specialized Bank, Cambodia Public Bank, Vattanac Bank and ANZ Royal – that will offer tax services to its customers.
Chou Kim Leng, secretary of state for the Ministry of Economy and Finance, said the MoU will boost the effectiveness and efficiency of tax collection and offer convenient means to tax payers through a banking system.
“This is to reflect the good cooperation between the government and the private sector to boost the effectiveness of the General Department of Taxation to offer a wide range of choices to tax payers since it ensures quality, speed and convenience,” Mr. Kim Leng said.
Ms. Lethbridge said ANZ Royal will not charge its customers a fee for using their online platform to pay taxes.
Jojo Malolos, Wing’s chief executive officer, told Khmer Times his company – with more than 3,600 agents nationwide – is supporting the government to collect taxes from people in remote areas where there are difficulties for either residents or taxation officers to collect them.
Tax revenue from 2016 was about $1.49 billion, an increase of 14.94 percent compared to 2015, according to an annual report from the General Department of Taxation (GDT).
The total amount of taxes collected by the GDT last year was about 105.32 percent of the target set out by the 2016 Finance Act.
In a breakdown of the latest tax numbers, GDT general director Kong Vibol noted that the $1.49 billion figure included an 18.4 percent increase in collection of profit taxes, a 20.0 percent increase in income tax, 15.4 increase in value-added tax and 23.4 percent increase in unspecified “special” taxes.
Source: http://www.khmertimeskh.com/news/35105/anz-to-offer-online-tax-payment-system/