Paying Corporate Income Taxes

GIRO is the preferred method of payment. Most taxpayers choose to pay their taxes by GIRO. GIRO allows you to pay your tax by instalments.

Businesses

To further ease the cash flow needs for companies in the immediate period, it was announced in the Resilience Budget on 26 Mar 2020 that all companies with Corporate Income Tax (CIT) payments due in the months of Apr, May and Jun 2020 will be granted an automatic three-month deferment of these payments. The CIT payments that are deferred from Apr, May and Jun 2020 will be collected in Jul, Aug and Sep 2020 respectively. The deferment applies to CIT payments due in the months of Apr, May and Jun 2020, regardless of which YA the taxes or payments relate to. This relief measure complements the automatic extension of two months interest-free instalments as announced in Budget 2020 on 18 Feb 2020. Eligible companies can expect to receive a letter from IRAS by Apr 2020. Companies who are on GIRO will be able to view their revised instalment plans at myTax Portal from 1 May 2020. Companies that are not on GIRO and are required to make a one-time CIT payment in Apr/May/Jun 2020 can use the Corporate Tax Payment Deferment Calculator (XLSX, 28KB) to view the revised payment due date.

Companies that do not wish to enjoy the CIT payment deferment may:

If the company is on GIRO:
Write to ctpayment@iras.gov.sg to inform IRAS to continue with the original GIRO deduction(s) in Apr, May and/ or Jun 2020. Please also provide the following details:
a) Email Subject Header "Request to Opt Out of CIT Payment Deferment";
b) Full name and tax reference number of the company; and
c) Date of "GIRO Deduction Plan for Corporate Tax" Notice (in dd/mm/yyyy format) for which the company would like to opt out of the payment deferment.

If the company is not on GIRO:
Proceed to make early payment for the corporate income tax. There is no need to write-in to inform IRAS of the early payment.

GIRO

GIRO (General Interbank Recurring Order) is the preferred method of payment. Majority of taxpayers use GIRO for tax payment.

Benefits of GIRO


GIRO arrangement for Corporate Tax

As announced in Budget 2020, companies that are on GIRO and filed their Estimated Chargeable Income (ECI) on time (i.e. within three months from the end of their financial year) (i.e. qualifying companies) will automatically qualify for an additional two months of interest-free instalments, if the ECI is filed as follows:

  1. during the period from 19 Feb 2020 to 31 Dec 2020 (both dates inclusive); or
  2. before 19 Feb 2020 and the company has an ongoing instalment payment to be made in Mar 2020.

The table below sets out the number of instalments a qualifying company would receive if it qualifies for the automatic two-month extension of the instalment plan:

No. of Instalments Given (Notes 1 to 3)


Tax payable on first ECI e-Filed within

Current instalment plan

Extended instalment

plan for qualifying companies

1 month from financial year end 10 12
2 months from financial year end 8 10
3 months from financial year end 6 8
After 3 months from financial year end No instalments allowed No instalments allowed

Notes
1. The instalment plan is subject to a minimum monthly GIRO deduction amount of $50.
2. The first few instalments may be combined and deducted on the first GIRO deduction date, depending on the date of filing of ECI.
3. IRAS may vary the instalment plan for companies that file revised ECIs.

e-File by 26th of each qualifying month to enjoy the maximum number of instalments allowable for each month.

Under the Resilience Budget announced on 26 Mar 2020, all companies with Corporate Income Tax (CIT) payments due in the months of Apr, May and Jun 2020 will be granted an automatic three-month deferment of these payments. Please refer to the Deferment of Corporate Income Tax (CIT) Payments for more information on how the three-month CIT payment deferment applies to estimated tax payable on ECI e-Filed.


GIRO application

(Recommended) Master GIRO Application Form & Return Envelope (PDF, 1.29MB)

A Master GIRO allows you to pay your Income Tax, Goods & Services Tax and/or Property Tax by completing one GIRO application form. You need to use your own bank account when signing up for Master GIRO.


Corporate Tax Application Form & Return Envelope (PDF, 4.04MB)

(For taxpayers not using own bank account to sign up for GIRO)


 Reactivate GIRO v2

Re-activate now via myTax Portal

Use a Different Bank Account for my Existing GIRO Arrangement

  • Submit a new GIRO application
  • Revised payment plan will be sent once application is processed
  • Log in to myTax Portal to view payment plan details (Select "Account">View Payment Plan")

Terminate my GIRO Arrangement

  • Contact your bank directly
  • Settle any outstanding tax immediately to avoid late payment penalty

Change my Plan Type (e.g. monthly instalment to one-time deduction)

Request to Extend Payment Plan

Electronic Payment Modes

Telegraphic Transfer

Telegraphic Transfer is only for payments from overseas and the payment modes listed above are not applicable.