I got mail!

29 06 2008

Yes… I got my mail..

Nope. it is not email…

Yes .. I got my tax bills..

*Phew* Relieved to receive it …coz it meant that whatever I was afraid or imagine it to be here is not valid! *yuhuuu*

Normally I will pay the whole lump sum for my tax bill, and be very broke…

Perhaps I should opt for the GIRO payment.. just like some of my colleagues..

Hmmmm…

Let me ponder on this ..

GIRO Application Form

For your convenience, we encourage all individuals to sign up for GIRO using a Master GIRO logo application form. By doing so you will not need to sign up separately to pay by GIRO for each tax type. The Master GIRO arrangement will be applicable for the following Tax Types:

  • Income Tax
  • Property Tax and/or TV Licence Fee
  • Goods & Services Tax

Once you have signed up using a Master GIRO application form, you do not need to submit a new GIRO application form if you have liabilities for additional tax types mentioned above. You can contact us on 1800-356 8300 or use our e-Services at myTaxPortal to effect the GIRO arrangement for new tax accounts.

The alternative to completing a Master GIRO form is to complete the standard GIRO form to pay tax for a specific tax type and tax account.

Download GIRO logo application forms

How to join GIRO

You will need to complete the respective GIRO logo application form and send it back to IRAS at 55 Newton Road, Revenue House, Singapore 307987. We will make the necessary arrangements with your bank.

Alternatively, you may apply for GIRO online by clicking DBS or OCBC if you have an internet banking account with the respective banks. This applies only for the following Tax Types :-

  • Individual Income Tax
  • Property Tax and/or TV Licence Fee

GIRO Application Processing Time

Generally, a paper GIRO application will be processed within 21 days. For electronic applications, the turnaround time is within 14 days.

1) GIRO for Individual Income Tax

Income Tax is payable within one month from the date of notice. You can pay your Income Tax in one lump sum deduction or over a maximum of 12 interest-free monthly instalments. The instalment plan is based on the tax payable and a minimum monthly deduction amount of $20. Setting a minimum amount is necessary to improve our efficiency and manage the cost of collection.
If you are not on GIRO, your income tax will be assessed before those who are on GIRO.

How GIRO works?
The 12 monthly GIRO instalment cycle starts in May and ends in April of the following year. However, if you join GIRO after May, the instalment deduction will commence in the month after your GIRO form is approved and end in April of the following year.

Once you are on our GIRO scheme, future instalment payments for your taxes will continue in May each year to April of the following year based on a provisional amount. The amount deducted will be based on the instalment amount as per your previous year’s tax. No instalment plan will be sent to you. An adjustment will be made to the instalment amount when your assessment for that year is finalised. An instalment plan will be sent to you then.

If you wish to make changes to the monthly provisional amount, please contact us on 1800-356 8300 to arrange for the revision of the monthly deductions.

No deduction will be made from your account from May onwards if you are not taxable for the previous Year of Assessment. However, when your assessment is finalised and if tax is payable, an instalment plan will be sent to you. IRAS will terminate the GIRO arrangement if the deductions have been unsuccessful for 2 months.

When will the deduction be made?
The deduction will be made on the 6th of each month. If the deduction is unsuccessful, we will attempt to deduct the amount again on the 20th of the same month. If both deductions are unsuccessful, the outstanding amount will be deducted in the following month together with the following month’s instalment. Your GIRO plan will be cancelled if the deduction is not successful for 2 consecutive months.

Please note that If the deduction date falls on a weekend or public holiday, the deduction will be on the next working day. The deduction will be reflected with a transaction code “ITX” in your bank statement or passbook.

Please ensure that there are sufficient funds in your bank account before the deduction date. No reminders will be sent for unsuccessful deductions.

Source Link: IRAS

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