How to Pay Corporate Income Tax to IRAS: A Guide for Businesses
When it comes to paying corporate income tax in Singapore, businesses have several methods available to manage their tax obligations efficiently. The Inland Revenue Authority of Singapore (IRAS) offers various payment options, each with its own benefits. Here’s an overview of the Corporate Income Tax Payment Options to help companies make informed decisions.
1. GIRO Payments
For companies enrolled in the GIRO payment scheme, IRAS will automatically deduct tax payments from a designated bank account on a specified schedule. This option is convenient for businesses looking for a hands-free, automated approach to tax payments, ensuring timely transactions and minimizing the risk of late fees.
2. myTax Portal e-Submission
Businesses can also pay their taxes through IRAS’s myTax Portal. Once the tax assessment is received, companies can log into the portal and complete the payment online. This method is particularly useful for those who prefer direct online submissions.
3. Bank Transfer
For companies that prefer bank transfers, IRAS provides specific instructions in the tax assessment notice. Be sure to use the correct IRAS bank details to ensure proper processing:
Payee Name: Commissioner of Inland Revenue
Account Type: DBS Current Account
Account Number (All Taxes Except Stamp Duty): 0010468669
Account Number (Stamp Duty): 0010468600
DBS Swift Code: DBSSSGSG
Bank Code: 7171
Bank Address: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982
Ensure that the correct Tax Reference Number or Payment Slip Number is included in the reference field to post the payment to the appropriate tax account. Processing typically takes three working days.
4. Internet Banking Bill Payment
Businesses can use Internet Banking Bill Payment for taxes like Corporate Tax, GST, and Withholding Tax. Select “IRAS-OTHERS” in the billing organization list and enter the correct payment details. Make sure to use the Tax Reference or Payment Slip Number to avoid delays.
5. Internet Banking Fund Transfer
Companies can also pay via Internet Banking Fund Transfer. When using this option, businesses should:
Enter the Tax Reference Number or 14-digit Payment Slip Number in the transaction reference field.
Use only one Tax Reference or Payment Slip Number per transaction.
Apply the IRAS bank details specified above.
6. Credit Card Payments via AXS
While IRAS does not directly accept credit card payments, companies can use AXS e-Station or AXS m-Station for payments up to S$9,999.99 per transaction. Alternatively, some credit card providers may offer tax payment options.
7. MediSave Payments for CPF Contributions
For CPF contributions, payments to MediSave are made directly to the CPF Board (CPFB), separate from corporate income tax payments.
8. SingPost Payment Services
Companies can pay at any SingPost SAM Kiosk or SingPost branch. Bring the Payment Slip to scan or manually enter the Payment Slip Number at the kiosk. Receipts are provided upon completion, and only specific NETS cards are accepted.
9. Cheque Payments
While digital payments like GIRO or PayNow are recommended, companies can use cheque payments if needed. Contact IRAS or ServiceSG Centres for digital payment options to avoid additional costs.
10. PayNow QR
For fast and efficient tax payments, PayNow QR credits payments to the company’s tax account immediately, making it ideal for timely processing.
Choosing the Best Corporate Income Tax Payment Options in Singapore
With multiple payment options, companies can select the method that best suits their needs, from automated GIRO deductions to fast PayNow QR transactions. For businesses needing assistance, our team can step in to manage tax payments directly or provide full support from company setup, accounting, and audits to comprehensive tax declarations with the relevant authorities. This ensures a seamless and compliant experience with Singapore’s tax system.
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