DBS, IRAS collaborate for digital payment integration

PayNow QR is now a payment option on IRAS' myTax portal.

DBS is working with the Inland Revenue Authority of Singapore (IRAS) to integrate APIs into its operating framework to digitise payments, according to an announcement.

IRAS now offers PayNow QR as a payment option on its myTax portal for all major tax types, including Individual Income Tax, Corporate Income Tax, Property Tax and Goods and Services Tax, which comprise more than 80% of total tax collections.

To pay by PayNow QR, customers can use their SingPass/CorpPass to log into the myTax portal, scan the QR code with any of the digital banking mobile apps from the nine participating PayNow banks, and complete the payment in real-time.

In 2019, IRAS first introduced PayNow as an option for businesses to receive Wage Credit Scheme (WCS) payouts.