Challenges
The e-Withholding Tax Solution for Banks relies on data from various sources, ensuring data accuracy and completeness is critical. This includes proper data storage for reliable transmission to the Revenue Department (RD) and future audits. To prevent errors and ensure successful transmission, the system performs a thorough reconciliation process before sending information to the RD. This reconciliation verifies that remittance data matches withholding tax payment data, guaranteeing all payments are accounted for. The solution not only ensures accurate data transmission but also guarantees it meets the RD’s submission deadlines.
Our Solution
Stream Design and Develop the system to support the Government Savings Bank service for paying withholding tax (e-Withholding Tax) and sending tax to the Revenue Department. System Functionality include;
- Receiving money transfer information and withholding tax payment information, along with checking the accuracy of the information and the completeness of the imported information.
- Reconcile data and create a report on the results of the reconciliation.
- Generate data files according to the format specified by the Revenue Department, including data on remittance of withholding taxes by type for Domestic and Cross border and Bank Statement (MT940)
- Securely transmit tax data to the Revenue Department (RD)
- Notify the results of e-Withholding Tax to the payee and recipient via both EMS or email according to the format specified by the bank.
Key Achievements
Stream is part of the Government Savings Bank’s (GSB) response to the government’s National e-Payment policy. It also aims to enhance the bank’s image by having a system that is on par with commercial banks. This will increase its competitiveness and support the expansion of its business services.
