Stanbic Bank joins URA to start online tax payments

February 5, 2018 in Business, Finance, Financial Services, Technology & Telecoms by Editor

February 5—Uganda Revenue Authority (URA) in partnership with Stanbic Bank Uganda (SBU), have launched a new online system that allows taxpayers to pay their returns by using Visa card, MasterCard or mobile money.

Patrick Mweheire, the SBU Chief Executive said the two parties had been testing the system for a month ending on January 31, but had already collected over UGX74 million.

“We expect the amount of money collected to go higher, because it is convenient. This is a bold step on the part of URA to take advantage of available technology to ease their work and enhance service delivery,” he said.

The system is open to both bank and non-bank customers. Mweheire said the mobile money and digital solutions will not only ease and simplify tax payments, but also help the bank in reducing the workload on their desks and free personnel to do other bank activities.

Mweheire said,“We are glad to officially join the other banks that have already been offering this service. This will largely improve tax compliance levels for URA. With these systems, we will be able to offer our customers a 24/7 functionality service.”

Patrick Mukiibi, the URA Assistant Commissioner General URA, said they have been using the system with four other banks, but found the need to add Stanbic Bank, because it has a big share of the customers that pay taxes. “This system was launched in March last year and since then, URA has been able to collect over UGX4.5 billion,” he said.

To make a payment, a taxpayer logs onto the URA website and requests for a payment registration number, thereafter, complete payment using the bank’s payment tab by simply entering the relevant credit card or mobile money account details.

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