DBS partners IRAS to provide individual and corporate taxpayers in Singapore with eGIRO for seamless tax payment experience

Singapore.08 Oct 2024

eGIRO service streamlines application process and cuts processing time from weeks to minutes


Singapore, 08 Oct 2024 - DBS announced today that it has partnered with the Inland Revenue Authority of Singapore (IRAS) to offer eGIRO service, allowing both individual taxpayers and corporate taxpayers to apply for GIRO online via IRAS’ myTax Portal. This digital GIRO application process reduces manual form handling and aims to benefit over two million GIRO users in Singapore. IRAS is the first statutory board to partner DBS to incorporate this integrated solution in its suite of services.

Previously, corporate taxpayers had to submit paper-based GIRO forms, which required at least three weeks to process. Individual taxpayers could apply for eGIRO via myTax Portal with only two participating banks, and account holders of other banks had to still submit paper-based GIRO forms. As a result, IRAS received over 50,000 paper-based GIRO applications annually from individuals and companies.

The new integrated eGIRO solution, hosted by DBS, has significantly enhanced IRAS' payment capabilities. This upgrade has expanded the scope of eGIRO applications to include corporate taxpayers[1] and increased the number of participating banks that process individual taxpayers’ eGIRO applications to seven banks[2], allowing more taxpayers to apply for GIRO online via myTax Portal.

Individuals and businesses with accounts at participating banks can now apply eGIRO for major tax payments including individual income tax, corporate income tax, goods and services tax, property tax, as well as withholding tax. The online application can be completed in a few simple steps, with confirmation received within minutes. Users will also have greater visibility of the progress of their online application. In addition, applicants are no longer required to enter bank details manually or sign physical applications.

Taxpayers are encouraged to set up eGIRO for hassle-free payments where they can enjoy up to 10 interest-free monthly instalments for corporate income tax, and up to 12 interest-free monthly instalments for individual income tax and property tax.

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. It is yet another innovative digital solution aimed at advancing digitalisation in the payment industry.”

To date, users of the service have seen clear benefits.

Tan Kian, Chief Financial Officer, Goodwill Entertainment Holding, said: “Traditional GIRO applications usually take us several days or weeks to complete, but the eGIRO system has dramatically reduced that time, allowing us to focus on other tasks.”

Veron Tan, Director, I-Deal Credit Pte Ltd, said: “The user experience was effortless. Completing the online form, linking to our digital banking platform and securing authorisation from our signatories was seamless.”

This collaboration builds on DBS’ commitment support the public sector in its digital transformation. In 2023, DBS partnered with the Ministry of Education to digitalise the GIRO application process for parents and guardians.

For more information on eGIRO for tax payments, please visit the IRAS website:

 


[1] Corporate taxpayers can now use IRAS' myTax Portal for eGIRO applications with five participating banks: DBS/POSB, OCBC, UOB, Bank of China and Maybank.
[2] Individual taxpayers can now use IRAS' myTax Portal for eGIRO applications with seven participating banks: DBS/POSB, OCBC, UOB, Bank of China, Citibank, HSBC and Maybank.



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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About IRAS
The Inland Revenue Authority of Singapore (IRAS) is the largest revenue agency in Singapore responsible for the administration of taxes. We are a partner of the community in nation-building and inclusive growth. We support Singapore’s sustainable economic growth by fostering a competitive tax environment and administering Government schemes.

Visit the IRAS website at www.iras.gov.sg.