The National Revenue Authority has launched the Single Treasury Account in Juba on Wednesday.
Single Treasury Account is a public accounting system under which all government revenues, receipts and income are collected into one single account.
The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid misappropriation of public funds.
At the official inauguration of the Single Account in Juba on Wednesday, the commissioner General, Dr Olympio Atipou describes the launch as historic.
“Today, meeting here is very historic for Republic of South Sudan, it has been a very difficult Journey for the past six months to get to this chin where we are talking about launching the single treasury account.”
He said that the launch of the Single Treasury Account is one of the country’s institutional reform agenda.
“One of the mandates of the reforms of the revenue modernization and tax collection is to make sure that we protect a country revenue, we collect revenue in transparent accountable manner and we also report on the revenue.”
Dr. Atipou said that the national revenue has automatically taken over activity of the former directorate of custom and taxation.
Two weeks ago, the National Revenue Authority signed an agreement with eight commercial banks to support the operation of the single account for non-oil revenues.
Among them was Equity bank, Stanbic bank, Eco bank, KCB, Kush bank and others.
The new financial policy is also expected to help in ensuring proper cash management by eliminating idle funds usually left with different commercial banks and enhance reconciliation of revenue collection and payment.
Fighting Tax Evasion
meanwhile, the Head of the National Revenue Authority said the commission is putting in place mechanisms to reduce the level of tax evasion in the country.
Tax evasion entails the illegal nonpayment or underpayment of tax.
Dr. Atipou said there have been reports of some businessmen invading taxes on imports from some border points.
He stressed that, the National Revenue Authority is going to put in place a system to track all cargoes destined for South Sudan right from Mombasa.
Dr. Atipou added that the institution shall also introduce tax stamps that will be used to label cleared goods.
“We are also coming with Tax stamp, a stamp that will be put on Alcoholic drink, the cigarette and others and then the waters very soon. The machine is already brought from India very soon we will install it.”
the commissioner general said they will soon establish tracking system for goods coming from Mombasa.
“We have a big problem when it comes to goods coming to South Sudan, so we are even building a control room in our headquarters where we are going to be tracking all our cargo from Mombasa to Juba. Weather it is a fuel tanker if its destined for an organization, it goes to the organization it’s not directed into the market.”
Dr. Atipou says once the system is in place, incidents of tax evasion shall be minimized and ensure all goods are accounted for.
He added that, the commission’s priorities include completing recruitment of all relevant positions required, establishing functioning data base to link the state and the national office to have real time payment and reporting.
The National Revenue Authority was established through an Act of parliament to improve the collection of non-oil revenues so as to reduce dependency on oil proceeds.