- 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
*Note: Cheque refunds are not available for Corporate Tax and GST. In line with Singapore's Smart Nation vision where everyone has access to fast, simple, and secure payments, the use of cheque for refunds for other taxes will also be phased out soon. We encourage you to sign up for GIRO or link your IDs to PayNow to receive your refunds.
From April 2023, IRAS will be introducing PayNow as an additional refund mode for Property Tax.
If you are not on GIRO, simply register and link your NRIC/FIN to your personal bank account to receive your refund via PayNow.
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
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 left Singapore or your bank account or mailing address is not updated in our records. In such cases, IRAS will make reasonable efforts to contact you to refund your tax credits. 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 Individual Income Tax and Property Tax
- DBS/POSB and OCBC customers may sign up for GIRO at myTax Portal using your personal bank account.
- For customers of other banks, please refer to GIRO for Individual Income Tax and GIRO for Property Tax on steps to sign up.
For Corporate Income Tax, GST and Withholding Tax
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
*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.
You can sign up for PayNow NRIC/FIN if you have an individual account with the following banks:
You can sign up for PayNow Corporate if you have a corporate account with the following banks:
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.
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 Cheque (not available for Corporate Income Tax and GST)
In line with the nationwide initiative to go cheque-free by 2025, the use of cheques for refunds will be phased out soon.
Tax refunds via cheque can take up to 30 days from the date the credit arises. If you wish to speed up your tax refunds and simplify your tax payment management, sign up for GIRO or PayNow-NRIC/FIN/UEN.
If you do not have a GIRO arrangement or NRIC/FIN/UEN-linked PayNow account, you will receive your tax refunds by cheque issued in your name. If you have received the refund cheque, you should encash it where possible. IRAS will only reattempt the refund via PayNow/GIRO once the cheque expires.
Tax refund cheques from IRAS should be deposited 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 bank account in Singapore, you can request for tax refunds via Telegraphic Transfer by submitting the request form provided below.
- For individuals/sole-proprietors: Singpass Login
- For companies: Corppass Login
- For taxpayers with no Singpass/Corppass: Authorisation Form for Telegraphic Transfer
If the requested currency is unavailable, you will receive the transfer 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.
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, 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.
- 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
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:
- 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 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.
Example: Late Refund of Tax Credit
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:
- The tax refund is not made within 3 months after you have filed the outstanding GST return(s)
- You have provided the requested information to the Comptroller of GST
- 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
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
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
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.
Contact for Tax Refund Matters
55 Newton Road