Tax credits may be refunded via GIRO, by cheque, bank draft or telegraphic transfer.
Refunds via GIRO
Taxpayers who pay taxes through GIRO will receive refund through GIRO - the tax credits will be credited directly to the same GIRO account. This is a fast and convenient method of receiving refunds.
If you are using a third party's bank account for GIRO payments, refunds will be made to you by cheques.
Refunds via Cheque
Those without GIRO arrangement will receive refund by cheque. Where the property is owned by more than two persons, the refund will be issued to the first named owner in the Notice of Transfer.
Refund cheque should be deposited into your bank account within three months from the cheque issue date. Credit which remains unclaimed may be applied for offsetting against any tax payable by you.
Other modes of Refund
If you have left Singapore or do not maintain a Singapore bank account, you may request for refunds via Bank Draft or Telegraphic Transfer and indicate your preferred currency. However if the currency requested is not available, the default currency will be US dollars. There will be bank charges or exchange rates differences and such charges will be borne by you.
Please send the completed authorization form if you wish to have your refund via bank draft or telegraphic transfer.
Refund authorization form for Bank Draft
Refund authorization form for Telegraphic Transfer
Taxpayers will not be given automatic refunds under these circumstances:
1. Outstanding Taxes/Penalties
When the taxpayer has outstanding taxes or penalties the tax credit will be used to offset the outstanding liability.
2. Tax Credit Less Than $15
When the tax credit is less than $15, the credit will be used to offset your future tax liability for your convenience.
If you would like the tax credit to be refunded, please email or write in to us. Your request will be processed within 30 days. When you email or write, please state:
- You are requesting for a refund;
- Your Full Name/ Company's Name/ Property Address;
- Tax Reference number (e.g. NRIC/ FIN/ ROC/ Property Tax reference);
- Amount of credit balance due;
- Contact number; and
- Email address (if any).
3. Instruction to Leave the Credit Balance
When the taxpayer has informed IRAS to leave the credit in their tax account to offset future taxes.
If you wish to retain the credit to offset future taxes, please write to us with the following information:
a. Your Full name/ Company's name/ Property address;
b. Tax reference number (e.g. NRIC/ FIN/ ROC/ Property tax reference);
c. Confirm your intention to retain the credit to offset future taxes; and
d. Return the refund cheque (if available)
4. Advance Payment of Tax Assessment
When the taxpayer has made an advance payment in anticipation of a tax assessment.
5. Credit Due to GIRO Deductions
When the tax credit is a result of GIRO deductions for your provisional instalment plan and the tax assessment has not been finalised for that Year of Assessment.
6. GST Returns Not Filed
When the taxpayer has one or more outstanding GST returns not filed.
7. Under Audit or Investigation
When the taxpayer is under audit or investigation by the Comptroller.
8. Prior Refunds Unsuccessful
When prior attempts to refund the credit have been unsuccessful.
9. Failure to Furnish Details for Refund
When the taxpayer has failed to comply with any of the requests by IRAS to furnish necessary information to effect the refund.
10. Insufficient Information
When IRAS lacks sufficient information to effect a refund to you.
11. No Reply to Assessment Enquiries
When the taxpayer has not replied to any outstanding assessment enquiries which may have impact on the tax position.
12. Company Dissolved
When the company has been dissolved and any credit in the company's account with IRAS will be handed over to the Insolvency and Public Trustee's Office (IPTO).
The shareholders of the defunct company can approach IPTO to claim the credit. Charges will be imposed by IPTO for the processing of the claim. For procedures on how to make a claim, see IPTO's website.
13. Overpayment of Withholding Tax
When there is overpayment of Withholding Tax under Section 45 of Income Tax Act remitted to the Comptroller of Income Tax.
Refund claims need to be filed by the local payer who remitted the tax or non-resident whose income was liable to tax. Upon agreement by IRAS that a refund is due, IRAS will inform the local payer or non-resident and the credit will be refunded 30 days from the date IRAS agrees that there was an overpayment of tax.
14. Claims Approved After Sale of Property
There will be no automatic refund to ex-owners of a property for credits that arise from claims approved after the sale of a property.
Refunds to the ex-owners will only be processed upon ex-owners' request within the time period stipulated in the letter sent by IRAS to the ex-owner.
15. Other Circumstances
When there are any other circumstances that may not permit the credit to be refunded by IRAS.
Tax Refunds (Excluding GST Refunds)
IRAS will pay interest if you do not receive your refund within 30 days from the date credit arises or information/ request received. For circumstances where credits will not be refunded automatically , no interest is payable.
Goods and Services Tax (GST) Refunds
The refund due date for GST is one month and three months (after IRAS receives the GST returns) for monthly and quarterly prescribed accounting periods, respectively. We will pay interest when IRAS fails to make the refund by the due date.
Refunds may not be made by the due date for the following reasons:
- The company has outstanding GST returns not filed;
- The company is under audit by the Comptroller and has not complied with our requests for information; or
- The company has outstanding taxes or penalties due.
Effective 1 Jan 2012, the Comptroller will pay interest if the refund is not made within three months after filing of the outstanding GST return(s), compliance with the request for information or deduction of the outstanding taxes and penalties from the refund. For circumstances where credits will not be refunded automatically , no interest is payable.
Interest Rate for Late Refunds
The interest rate is 5.5% per annum. This interest rate is subject to annual review and determined by the Ministry of Finance.