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Citibank Launches E-filing Service In Malaysia,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, June 03, 2009
Citibank Berhad and Lembaga Hasil Dalam Negeri Malaysia (LHDNM) has become
the first foreign bank to provide an online tax payment solution to Malaysian
corporations with the launch of its CitiConnectSM e-Tax - an online payment
solution that enables companies to settle their tax payments to LHDNM.
LHDMN is the sole tax authority in Malaysia charged with the collection of
income taxes for the government.
Following an agreement signed at the launch on June 1, companies can now have
access to a 24/7 convenient and secure online channel to initiate tax payments
to LHDNM.
Through CitiConnect, corporate users can initiate tax payments to LHDNM via
an online form. This form is built-in to CitiConnect to facilitate simplicity
and convenience when making tax payments. CitiConnect is a web-enabled financial
services portal that facilitates e-commerce transactions from a single delivery
channel.
Speaking at the ceremony, YBbhg Dato’ Hasmah binti Abdullah, Chief Executive
Officer of LHDNM said:
“It is indeed heart–warming that this smart partnership between
LHDNM and Citibank is made possible which will entail great significance as
it marks another level of success in the ever-continuing synergy between the
public and private sector.”
Sanjeev Nanavati, Chief Executive Officer of Citibank Berhad added:
"Our partnership with LHDNM allows us to provide a platform for our customers
to make over 19 different tax payments via CitiConnect. This is an easier avenue
to make tax payments."
In addition to allowing corporations to make tax payments for business related
income online, CitiConnect also supports employee PCB tax payments. Using the
CitiConnect platform, corporations/employers can upload their PCB submission
and initiate payments online via a simple user interface.
For Citi, this new service complements its existing EPF e-Contribution alliance,
which is currently available in Malaysia.
Mr Nanavati further added said that in addition to being time and cost efficient,
the e-tax payment services provided by both Citibank and LHDNM was in line with
Bank Negara Malaysia's strategy to promote greater adoption of and migration
to more competent electronic payment modes.
Citi was the first foreign bank in Malaysia to launch Internet delivery channels
for the corporate markets in 2001.
Since then, over 1,000 large corporations, both Malaysian corporate and multinational
companies, actively utilize its Internet banking services for payments and cash
management. More than 80% of all corporate payments made by Citibank clients
are initiated via Internet channels.
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