Bank M Tanzania Limited is among bankers appointed by the Tanzania Revenue Authority (TRA) to collect taxes on the authority's behalf. The service was officially launched by the bank at a function held at a Dar es Salaam hotel recently. At the launch, the bank promised to remit the tax to the authority and issue payment receipts to customers in only five minutes. The product, branded Money.Mapato, will enable taxpayers to pay all domestic taxes and customs and excise revenues without delay and without having to wait in long queues at banks. Speaking to journalists at the launch of 'Money Mapato', Bank M board chairman Nimrod Mkono said the product is designed specifically to process TRA tax payments within five minutes and to remove taxpayers' worries over penalties arising from taxes not being paid on time. "We bring to you Money. Mapato, with the assurance that payment of taxes will, going forward, be quicker than a coffee break, backed by our guarantee to process your transaction within 5 minutes," Mkono said. Technically, within five minutes of your depositing your tax deposit slips at any of our branches, the amount will be credited to the accounts of TRA and you would be able to proceed to completing your transaction with the TRA," he added. The initiative, according Mkono, marks yet another milestone in Bank M continuing efforts to bring the best in banking at a time of clients' choice and at a place of their convenience. "With most banks having lengthy queues, the tax payment process has turned to a nightmare forcing several taxpayers to pay taxes days before due date to avoid the penalty. With Money Mapato, you can now rest easy as all it would take to pay your taxes is five minutes," Mkono, who is also Musoma Rural MP said. The taxes, the bank authorised to collect under Domestic Revenue Department are VAT on local goods, VAT on local services, stamp duty and income taxes. For Customs & Excise Department, are import duty, excise duty on imports, VAT on imports and fuel levy. The ingredients which make Money Mapato a success product include handling tax transaction from 8am to 8pm Sunday to Sunday with a service standard guarantee to process the payment in five minutes, he said. The TRA accounts are at Bank M, meaning the funds don't need to go through transfer delays; specially trained tellers for this product only; and installation of Asybank, a TRA Customs payment system. "We bring to this market products and services with levels of commitment unique to us and accompanied by delivery standards unheard of in the local markets," the bank chairman insisted. The move by Bank M to introduce this guaranteed service on tax payment, has been warmly welcomed by a number of top listed taxpayers in the country, most of them saying it is likely to be a perfect solution for their current tax payment problems. Commenting on the service, Jayesh Shah, Sumaria Group Managing Director said his group has been using Bank M services since the inception of the bank and that they are very delighted with the bank's delivery standards. "One of our group companies has actually used this new service and our experience is that it is really works in five minutes," he said, adding that Bank M has been keeping its promises for giving customers good quality services in a very convenient manner. Similarly, G. Vedagiri, Managing Director of Alpha Group of Companies said that they are using the service because it is one of the most convenient ways of paying taxes. "We are currently using this new service offered by Bank M and it is a very efficient service which makes the whole process of paying tax simple and convenient," he said. For his part, Ketul Patel, Managing Director of BMTL, commended Bank M for its innovative products and improving delivery standards. He also said the bank strives to offer tailor-made services to its customers. Sameer Ismail, Managing Director of Afrisian Group said the service allows businessmen to concentrate on their businesses without worrying on delays on tax payment. He said that by pegging this service to its Service Standard Guarantee scheme, Bank M has showed its firm commitment in giving its customers premium financial services. Bank M Tanzania Limited (Bank M) is a fully fledged commercial bank regulated by the Bank of Tanzania and it opened it's doors for business in July 2007. SOURCE: THE GUARDIAN Na hii: Bank M Tanzania Limited has been appointed by Tanzania Revenue Authority (TRA) to collect taxes on its behalf. Through a service branded Money. Mapato, the bank has promised to remit the tax to TRA and issue payment receipts to the customers in five minutes. The product would enable taxpayers to pay all domestic taxes and customs and excise revenues without any delays and without having to wait in long queues at banks. Bank M Board Chairman Mr Nimrod Mkono said the product was designed specifically for processing of TRA tax payments within five minutes and to remove worries of penalties from the minds of taxpayers. "We bring to you Money. mapato, with the assurance that payment of taxes will be quicker than a coffee break, backed by our guarantee to process your transaction within 5 minutes," said Mr Mkono. Source: The Citizen My Take: As I read the story I'm baffled.. is this a volunteer service on the part of Bank M or is it a charity work? Wao wanapata nini katika mchakato wa transactions hizi za kodi kati ya wateja na TRA.