FNB links business clients to SARS eFiling

FNB Business Electronic Banking has created a link from its online business-banking site, BANKit, to the South African Revenue Services (SARS) eFiling site, which will allow its business clients to submit specific returns and payments to the Receiver of Revenue via the Internet.

Lee-Anne van Zyl, National Director of Client Management at FNB Business Electronic Banking, says: "The action that SARS has taken to make filing and payment of tax returns easier and more convenient for business clients is another example of how the Internet can make financial management simpler. In turn, we have updated our services to ensure that our clients are kept as up to date with such advances as possible."

The SARS eFiling service is the result of a collaborative effort between SARS and private enterprise. The technology has been under development for two years and reflects international trends in taking advantage of technology to expedite the process of taxation.

"The sophisticated system brings security and convenience to the duty of paying tax. Payments are easy to calculate and the system navigation is straightforward. Most important, though, is that the eFiling system allows senior management to focus on what is most important - their business," adds Van Zyl.

The service is currently being offered to employers, vendors and provisional taxpayers; however, no personal income tax returns can be submitted electronically as yet.

Van Zyl says the eFiling system is a logical step forward for the process of tax remittance. "Electronic banking has delivered enormous benefits for our clients, both business and personal, which is complemented by the eFiling system. There are no queues and very few delays, and companies can pay their tax at any time of day or night."

Companies that want to take advantage of the service can register as eFilers at www.sarsefiling.co.za. Following online registration, SARS authenticates the user by issuing a confirmation notice, assigning a security profile to each user. The security profile takes place within 24 hours of registration and provides customers with a private access code and password to access the available services.

Once registered for the service, FNB business clients can seamlessly access the Web-based application through the FNB BANKit site.

Through the site, customers will be able to complete and pay provisional tax returns (IRP6), value-added tax (VAT201), pay as you earn, skills development levies and unemployment insurance fund returns (EMP201), trust returns (IT I2TR), tax directives and extensions.

Clients using the service will receive an e-mail or SMS from SARS once a return is received, similar to the inContact system familiar to FNB customers.

Apart from the clear benefit of around-the-clock convenience, eFiling also offers three to five day extensions on certain payments, payment reminders sent via SMS or e-mail and online electronic calculation and verification of information to reduce accounting errors.

Van Zyl concludes: "The days of standing in long lines at the Receivers` office to file VAT returns are finally over. We are proud to support this initiative by SARS as another way in which we can help our business clients benefit from technological advances."

FNB is a division of FirstRand Bank (Ltd). FNB is an authorised financial services provider.