Effective 3rd January 2022, GST and CIT refunds will be made only via electronic means i.e. GIRO or PayNow Corporate. This means the Inland Revenue Authority of Singapore (IRAS) will cease the issuance of cheques for such refunds.
WHY IS IRAS NO LONGER ISSUING CHEQUE REFUNDS?
Aligning with the government’s digital blueprint to leverage digital technologies to transform public service delivery, IRAS is committed to the provision of taxpayer-centric digital payment and refund services to businesses so that they can benefit from fast, secure and seamless e-payment and e-refund.
WHAT ARE THE BENEFITS OF E-REFUNDS AS COMPARED TO PHYSICAL REFUNDS?
 Fast Receive your tax refunds earlier, and automatically into your business' / organization's bank account |  Secure Electronic refunds are secure, convenient and environmentally friendly. |  No Admin Fee There will be no more cheques lost in mails and the inconvenience of requesting for cheque reissuance which in turn eliminates administrative fee for cheque handling. |
WHAT SHOULD YOU DO?
Please ensure that you have registered for GIRO or PayNow Corporate with your company’s bank account, to be able to receive future GST and/or CIT refunds.
HOW AND WHERE CAN YOU DOWNLOAD THE RESPECTIVE FORMS?
Method 1 – GIRO
1. Please print and complete the relevant GIRO application forms. GIRO arrangements will be set-up within 3-4 weeks.
Visit www.iras.gov.sg > Quick Links > Payments > Select Corporate Income Tax > Select GIRO for Corporate Income Tax or Goods & Services Tax (GST).
2(a). Alternatively, you may click here to download the GIRO for Corporate Income Tax forms for your further action.
Refer to image 1 for reference.
Image 1
2(b). Alternatively, you may click here to download the GIRO for Goods & Services Tax (GST) forms for your further action. Refer to image 2 for reference.
Image 2
Method 2 – PayNow Corporate
1. Link your company’s UEN (Unique Entity Number) to your corporate bank account via internet banking to sign up for PayNow Corporate. You may contact your respective bank for assistance. To find out more information about PayNow Corporate, you may visit The Association of Banks in Singapore (ABS).
You may refer to the respective banks for instructions on how to sign-up for PayNow Corporate. You may be required to login to your internet banking account.
DBS Bank | UOB Bank | OCBC Bank
For more information on mandatory e-refunds, you may visit:
Frequently Asked Questions – Mandate E-Refund for GST
Frequently Asked Questions – Mandate E-Refund for Corporate Income Tax
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HOW IGS CONSULTING CAN HELP YOU?
If you are still unsure on what next steps to take, IGS Consulting can help you by advising you on the right forms and upon completion, submit the forms on your behalf (additional fees may apply). Contact us to find out more.
1. Link your company’s UEN (Unique Entity Number) to your corporate bank account via internet banking to sign up for PayNow Corporate. You may contact your respective bank for assistance. To find out more information about PayNow Corporate, you may visit The Association of Banks in Singapore (ABS).
You may refer to the respective banks for instructions on how to sign-up for PayNow Corporate. You may be required to login to your internet banking account.
DBS Bank | UOB Bank | OCBC Bank
For more information on mandatory e-refunds, you may visit:
Frequently Asked Questions – Mandate E-Refund for GST
Frequently Asked Questions – Mandate E-Refund for Corporate Income Tax
~~~
HOW IGS CONSULTING CAN HELP YOU?
If you are still unsure on what next steps to take, IGS Consulting can help you by advising you on the right forms and upon completion, submit the forms on your behalf (additional fees may apply). Contact us to find out more.