Maybank and LHDN Launch Multi Channel Payment Service Tax Payments
Estimated tax collection of RM5 Billion a year.
Maybank and Lembaga Hasil Dalam Negeri (LHDN) today officially launched the payment services for income tax payment via Maybank in Kuala Lumpur.
Maybank is Malaysia’s first financial institution to offer the largest number of channels for income tax payment. Customers can now conveniently pay their income tax via Maybank thorough any of the following channels: Maybank Kawanku ATMs, Kawanku Phone Banking, Maybank2u.com and over the counter at any Maybank branch nationwide.The joint launch was officiated by Maybank President and CEO, Dato’ Sri Abdul Wahid and Dato’ Hasmah bt Abdullah, Chief Executive Officer and Director General, Lembaga Hasil Dalam Negeri Malaysia.
Maybank has the largest distribution network of over 350 branches, more than 2,700 ATMs, internet customer base of 4.3 million as well as a customer base of 8 million.
“These new payment channels provide time saving benefits for our individuals as well as businesses as they do not need to go to LHDN counters for their income tax payments. We commend LHDN for promoting electronic payments to enhance productivity and cost efficiency for their organisation as well as greater convenience to taxpayers by offering a wider choice of payment options,” said Dato’ Sri Abdul Wahid in his address.
“This partnership enables Maybank to leverage on our leadership in payments via Maybank’s extensive infrastructure and channels to give a comprehensive range of payment options to customers. The multi channel service available is testimony of the robustness of Maybank’s infrastructure to cater to a diverse range of services to meet customer needs. We anticipate about RM5 billion of income tax payments to be received via these channels for the first year,” added Dato’ Sri Abdul Wahid.
Dato’ Sri Abdul Wahid said that the Bank allocates substantial investments in systems and payment solutions to handle the diverse payment transactions Maybank handles. “On an average monthly basis, more than RM150 billion a month is handled by the various payment channels namely cheques, remittances, electronic payments, ATMs and at counters.”
Dato’ Sri Abdul Wahid also said that by providing a wider choice of payment channels, customers are given more flexibility to undertake banking and other related activities beyond business hours to suit their lifestyle. “By introducing new services beyond just banking related activities, Maybank is truly the one-stop financial solutions provider for their needs.”
“The service is free of charge to assist LDNH in their collection exercise. This free service is also part of our corporate social responsibility service to the nation to including supporting the government’s initiative to promote greater electronic transactions in the civil sector and public sector," he added.