If not already done, the first thing to do before even getting access to the bank's documentation is to open an account, and subscribe to the bank's connectivity solutions. The challenges of building a bank integration Getting the right interlocutor and pace of communicationĪccessing banks' direct connectivity solutions is more complex than creating a self-serve account and obtaining your API keys. We also outline how Numeral can help accelerate bank integration projects, prepare companies for the future, and transform high upfront investment costs into predictable variable costs. This article shares our learnings on the challenges of building direct bank integrations. We now have a scalable process and a powerful bank integration engine that enables us to connect most banks to the platform in a fraction of the time it took to develop our first integration. This first-hand experience has enabled us to learn the specificities of every bank we have integrated with and refine our integration model over time. They can also be a significant de-focus on a roadmap already filled.Īt Numeral, we have built more than 10 bank integrations at Numeral over the last 12 months. The alternative is a direct integration with their banks that enables them to automate their payment operations from their in-house systems.Īlthough highly scalable and secure, banks’ direct connectivity solutions can be complex to understand and integrate, even for the most skilled product and engineering teams. Their bank's web app or vendor's cash management system introduce technical, functional, and scalability limitations. “This should lead to resilient corporate profits and corporate income tax revenues,” it noted.Companies building payment products or processing large volumes of payments as part of their operations often cannot rely on usual bank connectivity solutions. It said that resilient labour market conditions in the second half of 2023, with some modest deterioration in the first half of 2023 due to weaker global growth, would be supportive of the growth in personal income taxes while robust private consumption would lift the SST collection as well. “As Malaysia has entered the endemic phase, economic activities in 2023 will be fully normalised albeit at a slower pace of 4.5% year-on-year (where in trend, growth in our assessment is 5.0%) compared to 6.0% in 2022,” RHB Investment said. “In our view, Budget 2023 could include an assumption of around US$70-US$80 (RM322.76-RM368.86) per barrel for Brent oil prices and this would lead to resilient revenue collection from the petroleum income tax and royalties,” RHB Investment said.įaced with the threat of elevated inflationary pressures as well as the likelihood of a general election soon, it expects the upcoming Budget 2023 to be challenging as the government has to strike a balance between ensuring the well-being of the people as well as the sustainability of the government’s finances. The Special Voluntary Disclosure Programme for 11 indirect taxes is likely to be continued, the firm said, adding that the expansion in the scope of sales and services tax (SST) might be possible as well prior to the implementation of GST in future years.Īnother source for the government is higher commodity prices related to revenues.
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“Tax administration would be further improved through comprehensive registration of taxpayers, better training of tax personnel and improved registration of cross-border trade,” it said. It also said that without new taxes, sources of government revenue in 2023 are likely to remain the same as in 2022.Īccording to the bank, the 2023 pre-budget statement has a line-up of strategies to increase revenue through increased tax compliance and managing leakages. Windfall tax rates will remain unchanged in 2023,” RHB Investment said. The current prosperity tax will not be extended in 2023. “GST implementation is unlikely to be in 2023. It said the re-introduction of the goods and services tax (GST) is unlikely to be announced as it could be included in the interim budget announcement in March or April next year or in Budget 2024. “Changes to capital gains tax for the property sector as well as inheritance tax announcement is not expected by us as well,” the firm said. In a note yesterday, the research firm said it believes that major changes in corporate, personal income and capital gains taxes are unlikely. KUALA LUMPUR: Tax reforms could be delayed further as the government’s focus currently is not on fiscal consolidation or the medium-term fiscal framework, according to RHB Investment Bank Bhd.
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