Due to the impact of the COVID-19 pandemic, the Inland Revenue Authority (IRAS) is supporting businesses through a range of measures. One of them is allowing companies to arrange for a longer instalment plan when paying for their corporate taxes.
If the company is facing difficulties in paying taxes, it is the responsibility of the company to reach out to IRAS to work out a suitable payment arrangement. Otherwise, a 5% late payment penalty may be imposed on the overdue tax.
IRAS will only grant instalments by GIRO. You can appeal for a longer payment plan via the Apply for Payment Plan e-service at the myTaxPortal using your CorpPass.
If the company has an existing GIRO account, you will first have to cancel your current payment plan and reapply for a fresh payment plan.
Here is how you can customise the payment plan for Corporate Income Tax
- Complete the hardcopy Master GIRO Form (https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Quick_Links/Master%20GIRO%20form.pdf)
- Submit the payment proposal online within the same day (Payment proposal submission link: https://form.gov.sg/#!/5bb6cf93fef06d000f875d77)
IRAS will review the company’s request and inform them of the outcome within 15 working days. More information may be requested for IRAS to better understand and assess the company’s situation.
If you need any assistance on applying for longer instalment plans with IRAS or other tax matters, you may contact [email protected].
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Singapore Secretary Services
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