‘NDB Tax Caretaker Account’ to support income tax payments

The Inland Revenue Department (IRD) recently introduced an Alternative Tax Payment System (ATPS) to enable Tax payments through online Fund Transfer facilities of Banks. In line with the introduction of the ATPS, NDB has taken the initiative to launch its "NDB Tax Caretaker" account.

The NDB Tax Caretaker account helps monthly income earners to set aside an amount each month from their monthly income to build up to the estimated Total Tax payable for each Tax quarter. The ‘Tax Calculator’ of the NDB Tax Caretaker account will assist the customer to estimate the Income Tax payable and to decide on the estimated amount to be saved monthly to support this quarterly tax payment, the bank said in a media release.

At the end of the Tax quarter, the customer must check on the Income Tax payable by rechecking the taxable income and any qualifying payments and reliefs as per the rules/regulations of the IRD and then finalise the Income Tax amount.

“NDB also facilitates a safe and digital method of payment of the quarterly tax to the IRD by the customer. The customer merely needs to log on to the NDB Neos mobile banking /online banking application and make use of the Alternative Tax Payment System introduced by the IRD to pay their tax online,” the release said. 

If they prefer a more traditional method of payment, they could visit one of the NDB branches with the Income Tax Paying Slip and obtain the Pay Order in favour of Commissioner General of Inland Revenue Department, issued free of charge.

The NDB Tax Caretaker account holders will also receive a SMS reminder on their upcoming tax payment well ahead of time.