Wednesday, 16 October 2024
DBS partners with IRAS to support Singapore taxpayers
DBS 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 with 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 and increased the number of participating banks that process individual taxpayers’ eGIRO applications to seven banks, 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 with 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, 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 to 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.
Re-disseminated by The Asian Banker
