August 17, 2009 17:48 PM

Maybank Targets 1,000 Business Customers To Pay Tax Online

KUALA LUMPUR, Aug 17 (Bernama) -- Malayan Banking Bhd (Maybank) expects about 1,000 out of the existing 12,000 business customers using its enterprise cash management portal M2e.net to use the online income tax payment service within the first year.

Its president and chief executive officer Datuk Seri Wahid Omar said today this would result in at least one million transactions, with customers expected to carry out an average of 80 to 100 transactions each per month for their business and employees.

"This new online income tax payment service is Maybank's ongoing commitment to provide value-added services to our customers giving immense benefits to corporations in terms of time savings, improved efficiency and productivity by automating critical areas of their business or human capital activities," he said at a signing ceremony between Maybank and the Inland Revenue Board (IRB) here.

At the event, IRB chief executive Datuk Hasmah Abdullah said the level of corporates paying tax online through banks was still minimal as compared to those paying at counters.

"Out of 1.7 million total transactions by corporates, amounting to RM7.8 billion of income tax payment done with banks from January to July this year, only 119,000 transactions or RM248 million were done via electronic banking," Hasmah said.

She said it was hoped that online income tax services such as this would help taxpayers to hasten rather than defer their payments, thus ensuring that better infrastructure would be provided for the country.

Hasmah said although IRB was conservative about the revenue to be collected this year due to the downtrend in the global economy, growth was expected to remain positive.

"Revenue till now is still on a positive trend although it is very much lower than last year. But we are lucky compared to some other tax administrations in the world which are having negative revenue," she said.

-- BERNAMA

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