Taxpayers in Singapore can now manage their tax payments faster and more easily through the new eGIRO service introduced in Singapore. DBS Inland Revenue Authority of Singapore (IRAS).
The eGIRO service allows both individual and corporate taxpayers to apply for a GIRO online through IRAS’ myTax portal, streamlining the process and significantly reducing the time required for approval.
Previously, corporate taxpayers had to submit a paper-based GIRO form, which took up to three weeks to process.
Digital applications can now be completed in minutes.
The service also expands the number of banks that support eGIRO applications, increasing from two to seven banks for individual taxpayers and five banks for corporate taxpayers.
As a result, more than 2 million GIRO users in Singapore will benefit from a simplified process.
eGIRO allows taxpayers to easily apply for payment of major taxes such as personal and corporate income tax, goods and services tax, property tax, and withholding tax.
This process eliminates the need for manual entry of bank account details or physical signatures, providing an efficient and convenient way to manage your tax payments.
Once your online application is submitted, you will receive confirmation almost immediately.
Taxpayers who establish eGIRO can also choose to pay in up to 10 interest-free installments for corporate income tax and up to 12 installments for personal income tax and property tax.
The partnership follows DBS’s work with the Department of Education in 2023 to digitize GIRO applications for parents.
Mr Teo Chor Leng, Deputy Director General of Revenue and Corporate Services at IRAS, said:
“Digital filing services allow taxpayers to do away with traditional paper-based forms and easily set up GIRO for their tax payments.
This initiative highlights IRAS’ unwavering dedication to improving the taxpayer experience while collaborating with strategic partners in the tax ecosystem, including banks. ”
DBS Singapore Country Head Hung Kwee Huang said:
“We are pleased to partner with IRAS to bring one of the first fully integrated eGIRO solution products to a government agency.
This initiative highlights our shared commitment to transforming the once cumbersome process of setting up taxes under GIRO into a seamless and hassle-free experience. ”
Featured image credit: Edited from freepic
