Taxpayers in Singapore now have access to a quicker and simpler way to manage their tax payments through the new eGIRO service introduced by DBS and the Inland Revenue Authority of Singapore (IRAS).
The eGIRO service allows both individual and corporate taxpayers to apply for GIRO online via IRAS’ myTax Portal, streamlining the process and significantly reducing the time needed for approval.
Previously, corporate taxpayers were required to submit paper-based GIRO forms, which took up to three weeks to process.
Now, the digital application can be completed in a few minutes.
This service also expands the number of banks supporting eGIRO applications, increasing from two to seven for individual taxpayers, and includes five banks for corporate taxpayers.
As a result, more than two million GIRO users in Singapore will benefit from the simplified process.
With eGIRO, taxpayers can easily apply to pay major taxes such as individual and corporate income tax, goods and services tax, property tax, and withholding tax.
The process eliminates the need for manual bank detail entry and physical signatures, providing an efficient and convenient way to manage tax payments.
Once the online application is submitted, confirmation is received almost immediately.
Taxpayers who set up eGIRO also have the option to pay in interest-free instalments, with up to 10 instalments for corporate income tax and up to 12 instalments for individual income tax and property tax.
This collaboration follows DBS’s previous work with the Ministry of Education in 2023 to digitalise GIRO applications for parents and guardians.
Teo Chor Leng, Assistant Commissioner of Revenue and Corporate Services Division, IRAS, said,
“The digital application service enables taxpayers to conveniently set up GIRO for payment of their taxes, doing away with traditional paper-based forms.
This initiative underscores IRAS’ steadfast dedication to improve the experience of taxpayers, as we collaborate with strategic partners in the tax ecosystems, including banks.”
Han Kwee Juan, Singapore Country Head, DBS, said,
“We are pleased to partner IRAS to introduce one of the first fully integrated eGIRO solution offerings amongst government agencies.
This initiative highlights our shared commitment to transforming the once cumbersome process of setting up GIRO-based tax payments into a seamless and hassle-free experience.”
Featured image credit: Edited from Freepik