Equity Bank secures key Tanzania Revenue Authority tax collection appointment
05/11… Regional banking solutions provider, Equity Bank Group’s Tanzania subsidiary, has sealed a partnership with the Tanzania Revenue Authority (TRA) allowing tax payers in Tanzania to pay all their taxes through its network.
The new tax settlement avenue will be available for all TRA clients including non- Equity Bank account holders.
By fostering such a partnership, local taxpayers will now be able to conveniently pay the respective taxes including Customs and Excise taxes such as: Import Duty, Excise Duty, Pay As You Earn (PAYE) and VAT on importation.
Equity Bank’s robust core banking system has been integrated to that of TRA’s Revenue Gateway System (RGS) to accept Common Cash Receipting System (CCRS) payment of taxes at all 9 Equity Bank branches.
Speaking during a joint media conference, Equity Bank Tanzania Managing Director Joseph Iha flanked by Senior Accountant TRA Custom and Excise, Mrs. Paulina Ngowi further disclosed that plans are also underway to extend the convenience to all Equity Bank’s 330 Agents countrywide, E-Banking and Mobile platforms in the coming months.
The integration of Equity Bank systems with those of TRA, Iha said is part of the Bank’s commitment to ensuring that it offers convenience for all types of financial transactions and enhancing nation tax collection efficiencies.
“As a corporate responsible local bank, committed to fostering national development in Tanzania, Equity Bank is very keen to enhance tax collection efficiencies,” Iha said. “Such efficient tax collection guarantees national development as these are the monies that are used for infrastructure development, social services and related elements,” Iha added.
On a mutually agreed pact TRA and Equity Bank have sealed the agreement geared at sharing their respective strengths, experiences, Information technologies and human resources to foster higher return on investments for both organizations.
To enjoy the new service at Equity Bank branches, TRA clients will only need to submit their TRA assessment form for customs and excise payments or a control number print out from to Equity Bank confirming the amount they intend to pay.
The Equity Bank teller will receive the due amount as per the control number indication and confirm the transaction. The taxpayer will then be issued with a receipt as a confirmation of payment.
“We are delighted to be working with Equity Bank on this process. Their network across Tanzania and their technological expertise will relieve the strain on our own systems and ensure that we collect maximum revenue, with less hustles and at a shorter period of time compared to the past cumbersome process.
“Our systems and Equity Bank’s are synchronized so that we can track all transactions in real time hence improving efficiency,” added TRA representative Paulina Ngowi.
Equity Bank Group, recently unveiled its upgraded and Group’s robust IT platform which will enable the Bank roll out its future technology driven products, provide comprehensive business functionality and enhance customer experience with its objective of becoming a one stop shop in financial services and products.
ABOUT EQUITY BANK
Equity Bank Tanzania started its operations in 2012. It currently has 9 branches in Dar es Salaam, Arusha, Mwanza and Dodoma with further expansion plans. The branch network is supported by over 500 agents and merchants and 12 ATMs. Equity Bank has operations in Uganda, South Sudan, Rwanda and Kenya. The vision of Equity Bank is to champion the social economic prosperity of the people of Africa while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities. Equity Bank has been a leader in financial innovation. It was the first bank to introduce the EMV compliant ATM cards in the country and played a lead role in championing agency banking in Tanzania that continues to demystify banking by taking financial services to the door steps of citizens in Tanzania. For more information about Equity Bank, please visit www.tz.equitybankgroup.com
ABOUT TANZANIA REVENUE AUTHORITY
The Tanzania Revenue Authority (TRA) started its operations on July 1, 1996, under the Tanzania Revenue Authority Act, 1995 (CAP339), as an integrated semi-autonomous agency of the government of Tanzania, responsible for the administration of taxes, duties and levies of the Central Government. It is a semi-autonomous body that operates in conjunction with the Ministry of Finance and Economic Affairs. In carrying out its statutory functions, TRA is regulated by law.
A flashback of 18 years gives a lot of satisfaction given the achievements made in reformation and modernization programmes. And also creates a lot of ambition and challenges for the business ahead to ensure whatever is achieved is sustainable and improved upon in the long run.
TRA was formed in order to bring the function of government revenue collection under one umbrella and impart some degree of autonomy to the function with the expectation of increasing revenue collections, improving voluntary compliance, minimising collection costs, widening the tax base and controlling evasion and fraud. Under the Act, TRA is empowered to discharge the following functions:
TRA is empowered to discharge the functions of:-
Assessing, collecting and accounting for all Central Government revenue and administering and give effect to the laws relating to such revenue; Monitoring, overseeing and co-coordinating administration of revenue laws of the Central Government in the jurisdiction of the Union Government; Advising the Government on matters related to fiscal policy, the implementation of the policy and the constant improvement of policy regarding revenue laws and administration; Promoting voluntary tax compliance to the highest degree possible. Other functions of TRA include Production of trade statistics and publications; Improving the quality of services to the taxpayers and Counteract fraud and other form of tax evasion.
In implementing the above statutory functions TRA is also guided by its mission which states “We make it easy to pay tax and make lives better”
For more information about TRA please visit www.tra.go.tz or email@example.com