DBS partners with IRAS to provide individual and corporate taxpayers with eGIRO

The eGIRO service aims to benefit two million GIRO users in Singapore. 

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

The digital GIRO application process reduces manual form handling and aims to benefit over two million GIRO users in Singapore. 

“Traditional GIRO applications usually take us several days or weeks to complete, but the eGIRO system has dramatically reduced that time, allowing us to focus on other tasks,” said Tan Kian, CFO of Goodwill Entertainment Holding. 

The new integrated eGIRO solution has also 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 now apply eGIRO for major tax payments, including individual income tax, corporate income tax, goods and services tax, property tax, as well as withholding tax. 

The online application can be completed in a few steps, with confirmation received within minutes. Users can also monitor the progress of their online application, and applicants are no longer required to enter bank details manually or sign physical applications.

Taxpayers are encouraged to set up eGIRO, where they can avail up to 10 interest-free monthly instalments for corporate income tax and up to 12 interest-free monthly instalments for individual income tax and property tax.

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 myTax Portal with only two participating banks, and account holders of other banks had to still submit paper-based GIRO forms. 

As a result, IRAS received over 50,000 paper-based GIRO applications annually from individuals and companies. 

IRAS is the first statutory board to partner DBS to incorporate this integrated solution in its suite of services.