- IRAS will automatically refund tax credits and pay interest on tax credits not refunded within 30 days from the date the tax credit arises, unless it is a situation where automatic tax refund will not be made.
- Tax credits are refunded via GIRO, PayNow (GST and Corporate Income Tax only), Telegraphic Transfer or Cheque. Please see 'Modes of Tax refunds' for more information.
From 3 Jan 2022, IRAS will no longer be issuing cheques for Corporate Income Tax and GST refunds. Instead, they will be refunded via electronic means (GIRO or PayNow).
For more information, please refer to FAQs on Mandate Electronic Refund for GST (PDF, 256KB) and Mandate Electronic Refund for Corporate Income Tax (PDF, 244KB).
Checking for Tax Credits and Unclaimed Monies
At times, IRAS’ attempt to refund your tax credits may be unsuccessful e.g. you have left Singapore or your bank account or mailing address is not updated with IRAS. IRAS will make reasonable efforts to contact you to refund your tax credits. Any tax credit which IRAS is unable to refund to you i.e. unclaimed monies, will be reflected here. Please contact IRAS to claim them.
Modes of Tax refunds
[Recommended] Tax Refunds via Direct Crediting
This is a fast and convenient way to receive your GST, Corporate Income Tax, Individual Income Tax, Property Tax Refund and Stamp Duty.
If you are already paying your taxes via GIRO using your own bank account, no action is required from you. Your tax refund will be automatically credited into the bank account used for your GIRO arrangement with IRAS, within 7 days from the date the tax credit arises.
If you do not have a GIRO arrangement with IRAS to pay your taxes and would like to receive your tax credits via Direct Crediting, please complete the relevant authorisation form below.
Tax Refunds via PayNow (For Corporate Income Tax and GST refunds only)
This is a fast and convenient way to receive your GST and Corporate Income Tax credits. For now, this mode of refund is not available for other tax types such as Individual Income Tax, Property Tax refund and Stamp Duty.
You may sign up for PayNow Corporate by linking your UEN (for GST-registered companies and organisations) or NRIC/FIN (for GST-registered individuals and sole-proprietors) to your bank account via internet banking. For assistance in signing up for PayNow Corporate, please approach your bank.
If you already have PayNow Corporate, the tax refund will be credited into the bank account linked to your PayNow Corporate within 7 days from the date the credit arises. If you sign up for PayNow Corporate after your tax credit arises, you will receive the tax refund in about 21 days from the date you sign up for PayNow Corporate. Subsequent tax refunds via PayNow Corporate will be made within 7 days from the date the credit arises.
If you have both GIRO and PayNow Corporate, the tax refund will be made via GIRO.
Tax Refunds via Cheque
Tax refunds via cheque generally take up to 30 days from the date the credit arises. We encourage you to sign up for GIRO or PayNow Corporate to receive your refunds earlier. If you do not have a GIRO arrangement or PayNow Corporate, you will receive your tax refunds by cheque issued in your name. From 3 Jan 2022, this mode of refund will not be available for Corporate Income Tax refunds and GST refunds.
For Property Tax refunds, where the property is owned by more than 1 owner, the tax refund will be issued to the first named owner in the Notice of Transfer.
You should deposit the tax refund cheques from IRAS into your bank account within 3 months from the date of issuance of the cheque. Bank charges such as commissions and bank fees may apply if you deposit the cheque in a bank overseas.
Tax Refunds via Telegraphic Transfer
If you do not have a Singapore bank account, you may request for tax refunds via Telegraphic Transfer by submitting the Telegraphic Transfer request form available below.
- Singpass Login (for individuals, including sole-proprietors)
- Corppass Login (for companies)
- No Singpass/Corppass (for taxpayers with no Singpass/Corppass)
If the currency requested is not available, the amount transferred to you will be in US dollars. You shall bear the bank charges and any loss due to exchange rate differences.
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.
1. Absence of electronic refund mode
From 3 Jan 2022, Corporate Income Tax and GST refunds are not given automatically for businesses without GIRO with IRAS or PayNow Corporate.
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.
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, and 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. 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 email us with the information below. Your request will be processed within 30 days.
- Instruction for IRAS that you would like IRAS to refund your tax credit and the amount of tax credit to be refunded;
- Your Full Name/Company's Name/Property Address;
- Your Tax Reference number (e.g. NRIC/FIN/ROC/Property Tax reference);
- Your Contact number; and
- Your Email address (if it differs from the one which you have used to contact us).
Request to retain tax credit balance
If you wish to retain your tax credit* to offset future taxes, please email or write in to us with the following information:
- Your Full name/Company's name/Property address;
- Your Tax reference number (e.g. NRIC/FIN/ROC/Property tax reference);
- 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 is 5.5% per annum. This interest rate is subject to annual 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 not pay interest for tax refunds within the circumstances where tax credits will not be refunded automatically. For tax refunds outside these circumstances, IRAS will pay interest if the tax refunds are not made within 30 days from the date the tax credit arises or the date IRAS receives the required information/documents supporting the tax refund request (if applicable), whichever is later.
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 5.5% x 16/365 = $12.05
IRAS will refund $5,000 together with the late tax refund interest of $12.05.
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 the tax refund is not made within 3 months after you have filed the outstanding GST return(s), complied with the Comptroller of GST’s request for information and paid any outstanding taxes and penalties.
However, if the Comptroller of GST reasonably suspects that the tax refunds relate to any input tax on any supply made to you which was part of a Missing Trader Fraud arrangement before the Comptroller of GST is required to make the payment of tax refunds, you will be notified about the retention of GST refunds.
Your GST refunds will be withheld until the Comptroller of GST is satisfied that there is no such arrangement. The Comptroller will pay interest if the tax refund is not made within one month after the day that the Comptroller of GST is satisfied 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 5.5% x 15/365 = $11.30
IRAS will refund $5,000 together with the late tax refund interest of $11.30.
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 5.5% x 3/365 = $36.16
IRAS will refund $80,000 together with the late tax refund interest of $36.16.
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 5.5% x 3/365 = $18.08
IRAS will refund $40,000 together with the late tax refund interest of $18.08.
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.
Contact for Tax Refund Matters
55 Newton Road