Citibank Berhad and Lembaga Hasil Dalam Negeri Malaysia (LHDNM) today launched CitiConnectSM e-Tax, an online payment solution that enables companies to settle their tax payments to LHDNM.
This landmark alliance positions Citibank as the first foreign bank in the country to provide online tax payment services to its corporate customers. 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, companies will 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. 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, said: "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.
Sanjeev Nanavati further added that, in addition to being time and cost efficient, the e-tax payment services provided by 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 our Internet banking services for payments and cash management. More than 80% of all corporate payments made by Citibank clients are initiated via our Internet channels.
Citi invests extensively in customer-focused technological enhancements. The emphasis on system integration is a major priority for Citi in Malaysia and part of our commitment is to provide seamless and innovative solutions to our customers. Through globally managed Internet platforms, Citi leverages on economies of scale to offer world-class services to our clients in Malaysia and 100 countries worldwide.
Sanjeev Nanavati said, "Citi's leadership in delivering a convenient and secure platform, such as CitiConnect, is a demonstration of the depth and breadth of Citi's cash management solution. CitiConnect is a key channel in our overall Internet Banking proposition and is closely integrated with our award-winning cash management solutions. Our continuous and unrelenting focus is to deliver relevant and advanced e-channels to our customers and to reinforce our leadership in the e-payments marketplace".