• Automatic Tax Refunds and Interest

IRAS will automatically refund tax credits and pay interest on credits that were not refunded within 30 days from the date the tax credit arises. This excludes situations when automatic tax refunds will not be made.

  • Refund Modes

Tax credits are refunded through various methods including GIRO, PayNow or Telegraphic Transfer. For further details, please refer to 'Modes of Tax refunds'.

In line with the nationwide push for cheque-free transactions, IRAS is transitioning to chequeless processes to promote electronic tax refunds. PayNow has been introduced as an additional refund mode for Individual Income Tax (IIT), Property Tax (PT), Corporate Income Tax (CIT), and Goods & Services Tax (GST).

As of 3 Jan 2022, IRAS has ceased issuing cheques for CIT and GST refunds. Furthermore, starting from 12 Aug 2024, cheques for IIT and PT refunds will no longer be issued, and refunds will be processed electronically via GIRO or PayNow.

To ensure receipt of IIT and PT refunds, individuals not on GIRO should register for GIRO or link their NRIC/FIN to their personal bank account to receive their refunds. Similarly, companies/organisations should sign up for GIRO or PayNow Corporate with their business/organisation's bank account to receive CIT and GST refunds.

For further details, please refer to FAQs on Electronic Refund for GST (PDF, 250KB), Electronic Refund for Corporate Income Tax (PDF, 246KB), Electronic Refund for Individual Income Tax (PDF, 223KB) and Electronic Refund for Property Tax (PDF, 226KB).

Foreigners or companies departing from Singapore and anticipating tax refunds (where applicable)

If you are a foreigner planning to leave Singapore after working in Singapore, or if your company is ceasing operations in Singapore, you should determine if you are expecting any tax refunds. If so, to ensure the successful receipt of your tax refunds, you should:

Maintain a local bank account and register for PayNow FIN/UEN

Ensure that you maintain an active local bank account in Singapore. Register for PayNow by linking your local bank account to your FIN/UEN, allowing for a seamless receipt of tax refunds. This will enable IRAS to directly deposit any tax refunds into your account, providing a convenient and efficient way to receive your refunds, without the need to incur additional cost.

Checking for Tax Credits and Unclaimed Monies

You may log in to myTax Portal and select "View Account Summary" under 'Account' to check if you have any tax credits.

At times, IRAS’ attempt to refund your tax credits may be unsuccessful e.g. you have closed your local bank account registered with PayNow FIN or your mailing address is not updated in our records. In such cases, any tax credit which IRAS is unable to refund to you will be categorised as unclaimed monies. Please reach out to IRAS to claim them.

Modes of Tax refunds

You can receive faster tax refunds (within 7 days from the date the credit arises) if you are paying your taxes via GIRO or have signed up for PayNow-NRIC/FIN/UEN.

Tax Payments & Direct Crediting of Refunds via GIRO (For Individual Income Tax, Property Tax, Corporate Income Tax, GST and Withholding Tax only)

If you are already paying your taxes via GIRO using your personal bank account, no additional steps are required from you. Your tax refunds will be automatically credited into the bank account linked to your GIRO, within 7 days from when the tax credit arises.

 

Sign up for GIRO now to get your refunds automatically credited into your bank account!

For individuals paying Individual Income Tax and Property Tax

 

For businesses paying Property Tax, Corporate Income Tax, GST and Withholding Tax
DBS/POSB, OCBC, UOB, Bank of China and Maybank corporate customers may sign up for eGIRO at myTax Portal using your business bank account.

For customers of other banks, please refer to the links below to find out how you can sign up for GIRO.

Tax Refunds via PayNow-NRIC/FIN/UEN (For Individual Income Tax, Property Tax, Stamp Duty, Corporate Income Tax and GST only)

Enjoy the speed and convenience of receiving your tax refunds with PayNow today!

 

How to sign up for PayNow

  • For Individuals (including GST-registered individuals and sole-proprietors): Sign up for PayNow by linking your NRIC/FIN* to your personal bank account via internet banking
  • For GST-registered companies and organisations: Sign up for PayNow Corporate by linking your UEN (without suffix) to your bank account

Find out more on how to link NRIC/FIN/UEN to PayNow. If further assistance is required, please approach your bank.

*Currently, not all banks in Singapore may support PayNow-FIN. If you are unable to sign up for PayNow-FIN, please sign up for GIRO instead.

 

Participating Banks

You can sign up for PayNow NRIC/FIN if you have an individual account with the following banks:

  • BOC
  • CIMB
  • Citibank
  • DBS/POSB
  • HSBC
  • ICBC
  • MayBank
  • OCBC
  • Standard Chartered Bank
  • UOB
  •  

    You can sign up for PayNow Corporate if you have a corporate account with the following banks:

  • ANZ
  • BOC
  • BNP Paribas
  • CIMB
  • Citibank
  • DBS/POSB
  • Deutsche Bank
  • HSBC
  • ICBC
  • J.P. Morgan
  • MayBank
  • OCBC
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • UOB
  •  

    For GST and Corporate Income Tax refunds

     

    For those with existing PayNow, your tax refunds will be credited into your linked bank account within 7 days from the date the credit arises. If you sign up for PayNow after the tax credit arises, you will receive the refunds in about 21 days from the date you signed up, and thereafter within 7 days from the date the credit arises for subsequent refunds. 

    For Individual Income Tax and Property Tax refunds

     

    If you are currently making your tax payments with GIRO using your personal bank account,  your tax refunds will be made to the GIRO bank account. Otherwise, the refund will be processed via PayNow-NRIC/FIN/UEN. For taxpayers with existing PayNow linked to their NRIC/FIN/UEN, the tax refunds will be made to the same bank account within 7 days from the date the credit arises. 

    For property tax refunds involving multiple property owners, the refund will be processed to the owner listed first in the Notice of Transfer or the main applicant listed in the purchase of the flat.

    Tax Refunds via Cheques (not available for Individual Income Tax (IIT), Property Tax (PT), Corporate Income Tax (CIT), and Goods & Services Tax (GST))

    In line with the nationwide push for cheque-free transactions, IRAS is transitioning to chequeless processes to promote electronic tax refunds. To receive IIT and PT refunds, individuals not on GIRO can register for GIRO or link their NRIC/FIN to their personal bank account for PayNow refunds. For assistance to sign up for GIRO, individuals can contact us for support or visit ServiceSG Centres.

     

    Similarly, companies/organisations can sign up for GIRO or PayNow Corporate with their business/organisation's bank account to receive CIT and GST refunds. 

     

    While IRAS promotes electronic tax refunds and offers commonly used methods such as GIRO and PayNow refund, we acknowledge that a small number of individual taxpayers may require additional time to onboard digital transactions and receive IIT and PT refunds electronically. For individuals requiring assistance with digital transactions, please contact us for support. We may provide cheque refunds on a case-by-case basis.

    Tax Refunds via Telegraphic Transfer

    If you do not have a bank account in Singapore, you can request for tax refunds via Telegraphic Transfer by submitting the request form provided below, and the requested telegraphic transfer arrangement will be used for future tax refunds for the selected tax types.

    If the requested currency is unavailable, you will receive the transfer of the tax refund in US dollars. You will have to bear any associated bank charges and possible losses from the exchange rate differences.

    Please note that telegraphic transfers incur bank charges and may be subjected to exchange rate differences. For tax refunds below SGD100, they will not be processed but will be retained in your tax account to offset future tax liabilities. To receive refunds below SGD100, please contact us.

    When Automatic Tax Refunds Will Not Be Made

    You will not be given automatic tax refunds when your tax credit is less than $15 or when you have given instructions to retain your tax credit for future tax offset. Tax credits not refunded will be used to offset your future tax liabilities.

    More circumstances

    1. Absence of electronic refund mode

    Individual Income Tax (IIT), Property Tax (PT), Corporate Income Tax (CIT), and Goods & Services Tax (GST) refunds are not automatically processed if you do not have GIRO set up with IRAS or if you have not registered for PayNow-NRIC/FIN/UEN with your respective bank.

    2. Outstanding Taxes/Penalties

    When you have outstanding taxes/ penalties, your tax credit will be used to offset any outstanding taxes or penalties that you may have. You will not receive any tax refunds if your outstanding taxes/ penalties exceed your tax credits.

    3. Advance Payment of Tax Assessment 

    When you have made an advance payment in anticipation of a tax assessment.

    4. Credit Due to GIRO Deductions

    When your tax credit is a result of GIRO deductions for your provisional instalment plan and your tax assessment has not been finalised for that Year of Assessment.

    5. GST Returns Not Filed

    When you have one or more outstanding GST returns not filed.

    6. Under Audit or Investigation

    When you are under audit or investigation by the Comptroller.

    7. Prior Unsuccessful Tax Refunds

    When prior attempts to refund the tax credit to you had been unsuccessful.

    8. Failure to Furnish Details for Tax Refund

    When you have failed to provide IRAS with the necessary information to effect the tax refund. 

    9. No Reply to Assessment Enquiries

    When you have not replied to any outstanding assessment enquiries that may have an impact on the tax position.

    10. Company Dissolved

    When your company has dissolved, IRAS will hand over any tax credit in your company's account to the Insolvency and Public Trustee's Office (IPTO).

    If you are the shareholder of the defunct company, you can approach IPTO to claim the tax credit. Charges will be imposed by IPTO for processing of the claim.

    11. Bankruptcy

    After you filed for bankruptcy, IRAS will hand over any tax credit you have to the Insolvency and Public Trustee's Office (IPTO). You may approach the Official Assignee for more information.

    12. 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.

    Tax refund claims need to be filed by the local payer who remitted the tax or by the non-resident whose income was liable to tax. Tax credit will be refunded within 30 days upon IRAS' agreement and notification to Local Payer/Non-Resident of the refundable amount. 

    13. Claims Approved After Sale of Property

    If you are the ex-owner of a property, the tax refund will not be made automatically to you if the tax credits arise from claims approved after the sale of a property. You will have to submit a request via myTax Portal within the time period stipulated in the letter sent by IRAS for us to process your tax refund.

    14. Tax refunds below SGD100 to be made via Telegraphic Transfer

    Tax refunds below SGD100 that is to be made via telegraphic transfers will instead be retained in your tax account to offset future tax liabilities. Please refer to 'Tax Refunds via Telegraphic Transfer' for details.

    15. Other Circumstances

    When there are any other circumstances that do not permit the tax credit to be refunded by IRAS.

    Request for tax refund when tax credit is less than $15

    If you would like us to refund your tax credit, please contact us with the information below. Your request will be processed within 30 days.

    1. Instruction for IRAS that you would like IRAS to refund your tax credit and the amount of tax credit to be refunded;
    2. Your Full Name/Company's Name/Property Address;
    3. Your Tax Reference number (e.g. NRIC/FIN/ROC/Property Tax reference);
    4. Your Contact number; and
    5. Your Email address

    Request to retain tax credit balance

    If you wish to retain your tax credit* to offset future taxes, please contact us with the information below: 

    1. Your Full name/Company's name/Property address;
    2. Your Tax reference number (e.g. NRIC/FIN/ROC/Property tax reference);
    3. Instruction for IRAS that you would like IRAS to retain the tax credit to offset future taxes; and  Please append the refund cheque (if applicable) with your letter to IRAS or send it separately to IRAS if you are emailing IRAS.

      * Not applicable to Withholding Tax

    Interest on Late Tax Refunds

    The interest rate adopted is Singapore Overnight Rate Average (SORA). This interest rate is subject to review and determined by the Ministry of Finance.

    Circumstances where interest is payable on Tax Refunds (All Taxes except GST Refunds Arising from Input Tax Exceeding Output Tax)

    IRAS will pay you interest if the refund is not processed within 30 days from the date the tax credit arises or from the date when IRAS receives the required information/documents, whichever is later. This excludes situations where tax credits will not be refunded automatically.

    For instance, if you have not set up GIRO with IRAS or registered for PayNow-NRIC/FIN with your respective bank to receive IIT or PT refunds at the time when the tax credit arises, IRAS will not pay you interest if the refund is not processed within 30 days from the date the tax credit arises. This also applies to foreigners who are leaving Singapore after working in Singapore and companies ceasing operations in Singapore. Further examples are available below.

    Example: Late Refund of Tax Credit

    You have a GIRO arrangement with IRAS.

    Your tax assessment was finalised on 15 Jul and you have a tax credit of $5,000 to be refunded. IRAS is considered to be late if the tax refund is not made by 14 Aug.

    If the tax credit is refunded on 30 Aug, interest will be paid on the principal sum of $5,000 for the period 15 - 30 Aug (16 days) as follows:

    $5,000 x 4.7% x 16/365 = $10.30

    IRAS will refund $5,000 together with the late tax refund interest of $10.30.

    Circumstances where interest is payable on Tax Refunds (GST) Refunds Arising from Input Tax Exceeding Output Tax

    The tax refund due date for GST is 1 month and 3 months (after the date IRAS receives the GST returns) for monthly and quarterly prescribed accounting periods, respectively. Generally, IRAS will pay interest when the GST refund is not made by the due date unless:-

    • you have outstanding GST returns not filed;
    • you are under audit by the Comptroller of GST and have not complied with his requests for information; or
    • you have outstanding taxes or penalties.

    Regardless of your filing frequency, the Comptroller of GST will pay interest if all 3 conditions are met:

    1. The tax refund is not made within 3 months after you have filed the outstanding GST return(s)
    2. You have provided the requested information to the Comptroller of GST
    3. You have paid any outstanding taxes and penalties

     

    However, if the Comptroller of GST reasonably suspicion that your tax refunds are part of a fraud arrangement (for example a Missing Trader Fraud arrangement), you will be notified about the temporary withholding of GST refunds.

    Your GST refunds will be withheld until the Comptroller of GST is confident that there is no such arrangement. In this case, the Comptroller will pay you interest if the tax refund is not made within one month after the day that the Comptroller of GST confirms that you are entitled to the input tax claims.

    Example 1: Late Tax Refund of GST Filed Monthly

    You have registered PayNow Corporate.

    IRAS receives the GST return for the month of June on 15 Jul and you have a tax credit of $5,000 to be refunded. IRAS is considered to be late if the tax refund is not made by 15 Aug.

    If the tax credit is refunded on 30 Aug, interest will be paid on the principal sum of $5,000 for the period 16 - 30 Aug (15 days) as follows:

    $5,000 x 4.7% x 15/365 = $9.66

    IRAS will refund $5,000 together with the late tax refund interest of $9.66.

    Example 2: Late Tax Refund of GST Filed Quarterly

    You have a GIRO arrangement with IRAS.

    IRAS receives the GST return for the period Apr - Jun on 31 Jul with a GST refund claim of $80,000. IRAS is considered to be late if the tax refund is not made by 31 Oct.

    If the tax credit is refunded on 3 Nov, interest will be paid on the principal sum of $80,000 for the period 1 - 3 Nov (three days) as follows:

    $80,000 x 4.7% x 3/365 = $30.90

    IRAS will refund $80,000 together with the late tax refund interest of $30.90.

    Example 3: Where Comptroller of GST Requests for Information

    The following example applies only for tax refund claims submitted on or after 1 Jan 2012.

    IRAS receives the GST return for the period Jan - Mar on 30 Apr with a GST refund claim of $40,000. IRAS requests information during an audit on your tax refund claim. You reply to us with the full information on 1 Jun. You have a GIRO arrangement with IRAS.

    IRAS is considered to be late if the tax refund is not made by 1 Sep. If IRAS refunds the $40,000 on 4 Sep, interest will be paid on the principal sum of $40,000 for the period 2 - 4 Sep (three days) as follows:

    $40,000 x 4.7% x 3/365 = $15.45

    IRAS will refund $40,000 together with the late tax refund interest of $15.45.

    Example 4: When the Comptroller of GST reasonably suspects that the tax refunds relate to any input tax on any supply made to you which was a part of a Missing Trader Fraud arrangement

    IRAS receives the GST return for the period Jan - Mar on 30 Apr with a GST refund claim of $65,000. You reply to us with full information on 1 Jun. You have a GIRO arrangement with IRAS.

    Normally, IRAS is considered to be late if the tax refund is not made by 1 Sep, since you have complied with IRAS’ request for information. 

    However, as IRAS reasonably suspects that the underlying purchase for which you are claiming input tax was a part of a Missing Trader Fraud arrangement, no late interest is payable even if the tax refund is not made by 1 Sep. A notification letter will be issued to inform you of the retention of GST refunds by the Comptroller of GST.