There are various modes of payment when paying your Company’s taxes. One of them is through GIRO.
Most of you should not be unfamiliar with payment by GIRO as your utilities and telephone bills are most likely paid using GIRO.
To pay taxes by GIRO, your company simply needs to have a bank account registered with the tax authority and payment or refund transactions will be conducted through this registered bank account.
To encourage more companies to make payment via GIRO, the tax authority has introduced the instalment scheme when you elect to pay your company’s tax bill via GIRO.
The number of instalments available for companies when estimated taxes are paid via GIRO are as follows:
|File your company estimated tax payable by:||Manual filing (by post or fax) – No. of instalments||Onljne submission / E-filing – No. of instalments|
|26th of the first month after the business year end||5||10|
|26th of the second month after the business year end||4||8|
|26th of the third month after the business year end||3||6|
|After 26th of the third month of the business year end||No instalment will be given||No instalment will be given|
ABC Pte Ltd business year end is 31 December 2014.
- If it files its estimated tax payable on 27 January 2015, it will receive 4 instalments for manual filing and 8 instalments on e-filing.
- b) If it files its estimated tax payable on 30 March 2015, it will receive no instalment for both manual filing and e-filing
Therefore, if your company has not registered for GIRO payment and would like to, simply download the GIRO application form at IRAS website and complete accordingly.