DBS & IRAS enhance tax payment experience in Singapore with eGIRO

By Gloria Mathias

DBS has partnered with the Inland Revenue Authority of Singapore (IRAS) to offer an eGIRO service. This service allows both individual and corporate taxpayers to apply for GIRO online via IRAS’ myTax Portal.

This digital GIRO application process reduces manual form handling and aims to benefit over two million GIRO users in Singapore. IRAS is the first statutory board to partner with DBS and incorporate this integrated solution into its suite of services.

Previously, corporate taxpayers had to submit paper-based GIRO forms, which required at least three weeks to process. Individual taxpayers could apply for eGIRO via the myTax Portal with only two participating banks, and account holders of other banks still had to submit paper-based GIRO forms.

The new integrated eGIRO solution hosted by DBS has significantly improved IRAS’ payment capabilities. This upgrade has expanded the scope of eGIRO applications to include corporate taxpayers and increased the number of participating banks that process individual taxpayers’ eGIRO applications to seven banks, allowing more taxpayers to apply for GIRO online via myTax Portal.

Individuals and businesses with accounts at participating banks can apply eGIRO for major tax payments, including Individual Income Tax, Corporate Income Tax, Goods and Services Tax, Property Tax, and Withholding Tax. The online application is simple to complete, and confirmation is received within minutes.

Teo Chor Leng, Assistant Commissioner of Revenue and Corporate Services Division, IRAS, said, “The digital application service enables taxpayers to conveniently set up GIRO for payment of their taxes, doing away with traditional paper-based forms. This initiative underscores IRAS’ steadfast dedication to improving taxpayers’ experiences as we collaborate with strategic partners in the tax ecosystems, including banks.”

Han Kwee Juan, Singapore Country Head, DBS, said, “We are pleased to partner with IRAS to introduce one of the first fully integrated eGIRO solution offerings amongst government agencies. This initiative highlights our shared commitment to transforming the once cumbersome process of setting up GIRO-based tax payments into a seamless and hassle-free experience. It is yet another innovative digital solution aimed at advancing digitalisation in the payment industry.”

This collaboration builds on DBS’ commitment to support the public sector in its digital transformation.