{"id":185,"date":"2015-10-14T10:58:49","date_gmt":"2015-10-14T02:58:49","guid":{"rendered":"http:\/\/www.taxmadeeasy.sg\/?p=185"},"modified":"2020-08-19T16:48:00","modified_gmt":"2020-08-19T08:48:00","slug":"pic-cash-payout","status":"publish","type":"post","link":"https:\/\/www.taxmadeeasy.sg\/pic-cash-payout\/","title":{"rendered":"PIC Cash Payout (Part 2) \u2013 Applying for cash payout"},"content":{"rendered":"
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  1. \n

    There are 2 ways that your company can go about electing for PIC cash payout.<\/p>\n

    <\/p>\n

    a) Manual submission<\/p>\n

      \n
    1. Go to the IRAS website and search for \u2013 PIC cash payout form.<\/li>\n
    2. Complete all the relevant fields<\/li>\n
    3. Print out the form and sign on the appropriate fields (authorised personnel)<\/li>\n
    4. Ensure all details are in order before mailing the signed form to IRAS.<\/li>\n<\/ol>\n

      Please keep a copy of the form submitted to IRAS for record purposes.<\/p>\n

      Once the application is received and approved by the Comptroller of Income Tax (\u2018\u2019CIT\u2019\u2019), IRAS will mail a letter to the company’s registered address.<\/p>\n

      If your company has previously applied for GIRO payment with IRAS, the cash payout will be deposited to the registered GIRO account. Otherwise, the IRAS will issue a cheque to the Company.<\/p>\n

      (Refer to article \u2013 \u2018\u2019Payment on different taxes\u2019\u2019 for more information on GIRO payment scheme.<\/p>\n

      b) Online submission (You must first be authorized to use the company\u2019s EASY access code)<\/p>\n

        \n
      1. Go to the login page on the right of the website \u2013 Login to myTax portal<\/li>\n
      2. Select my organisation \/ business tax matter<\/li>\n
      3. Login using your SingPass<\/li>\n
      4. Enter your company’s tax reference number \u2013 UEN \u2013 LOCAL CO XXXXXXXX and proceed to login<\/li>\n
      5. On the left hand side, there is a tab \u2018\u2018Apply for PIC cash payout\u2019\u2019. Follow the instructions stated, verify that all details are in order before clicking on the submit button.<\/li>\n<\/ol>\n

        Similar to manual submission, once the application is received and approved by the CIT, IRAS will mail a letter to the company’s registered address.<\/p>\n

        In the event that the company\u2019s PIC cash payout application is not successful, the CIT will state the reason for the disapproval in the reply letter.<\/p>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

        There are 2 ways that your company can go about electing for PIC cash payout.<\/p>\n","protected":false},"author":1,"featured_media":186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n