Singapore has been lauded for its management of COVID-19, with a very low number of deaths from the virus. Evidently so, the city-state has been ranked among the top 20 countries in the world as of December 2021 in Bloomberg’s COVID-19 resilience ranking. There was even periods during the pandemic that Singapore was ranked first. This can only be made possible by the government’s continuous efforts to cope with the economic slowdown by introducing various safety and financial support measures, in addition to the people’s resolute aim to adhere to safety measures towards endemic living with the virus.
The COVID-19 pandemic is more than just a healthcare crisis, it has affected many other sectors such as aviation, tourism, hospitality, and retail. The pandemic has also accelerated technology disruption in every way possible, causing some businesses to pivot to remain relevant in this new normal. Despite the challenges faced in the last two years, the situation has spurred growth and resulted in an encouraging start-up ecosystem in Singapore.
What You Need to Know about IRAS’s Mandatory Electronic Refunds for Goods & Services Tax (GST) and Corporate Income Tax (CIT)?
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.