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BCI celebrates the 1st Accession Agreement

BCI celebrates the 1st Accession Agreement

23 December 2011

The Commercial and Investment Bank (BCI) and the Revenue Authority (RA) recently signed the first agreement to support the Electronic System of colleting revenues under the implementation of the Single Electronic Window.

The agreement was signed by the Chairman of the Executive Committee of BCI, Ibraimo Ibraimo, and the President of the Revenue Authority, Rosário Fernandes, with the aim to enable external trade operators to resort to BCI to guarantee the payment of expenses and customs duties, in a rather simplified and speedy manner, improving the efficiency of the clearance process of customs goods.

BCI celebrates the 1st Accession Agreement  BCI celebrates the 1st Accession Agreement

Therefore, in several BCI branches, specialised counters will be created for this purpose on which customs clearing-agents will equally resort to special credit lines.

It’s important to highlight that BCI joined this project right from the start, actively participating in the pilot and development phases. This makes it the first commercial bank to formalize the accession agreement.

BCI will also ensure the safe exchange of information with the RA, facilitating revenue collection and its transfer to State accounts, as agreed.

Speaking on the occasion, Rosário Fernandes, Chairman of the Revenue Authority of Mozambique, said that the impact of accession, “for now, is the banking of foreign trade taxes, but the strategic aim of banking is based on taxes overall”.

“It is the responsibility of the government to collect public tax revenue but this is not happening because the commercial banks are giving themselves the exclusive competence of collecting taxes set by law to the appropriate entities for such purpose, because the commercial banks in their intermediary role they speed up the reception and transmission to the single Treasury account, since the electronic advantage is huge”, said Rosário Fernandes.

He added that “the assets involved in this process, because they are so high, require security, transparency and reliability and guaranteed warrants by the banks”.

In turn, the Chairman of the Executive Committee of BCI, Ibraimo Ibraimo, indicated that it is “a mere formalization, because as soon as BCI was invited and was aware of this need and of the existence of the Single Electronic Window project immediately expressed its interest in joining the system”.

“BCI does not do this merely for commercial reasons but also because it is engaged in the development process of the country, being always on the side of innovative projects such as the Single Electronic Window”, concluded Ibraimo Ibraimo.