How to Pay Corporate Income Tax via GIRO in Singapore

When it comes to settling corporate income tax in Singapore, using GIRO offers both convenience and flexibility. Whether you plan to pay in monthly instalments or as a lump sum, this seamless option ensures timely compliance and smooth cash flow management. In this article, we explore how companies can apply for, manage, and optimise their corporate income tax payment with GIRO, guided by IRAS’s official procedures.

1. What Is GIRO for Corporate Tax Payments?

First and foremost, GIRO is a convenient payment method offered by IRAS that allows companies to pay their corporate income tax either in monthly instalments—up to 10 months—or through a one-time annual deduction. Notably, instalments occur on the 6th of each month. If you’re looking for flexibility and easier budgeting, GIRO is an excellent choice.

2. How to Apply for eGIRO (Electronic GIRO)

For DBS/POSB, OCBC, UOB, Bank of China, Maybank, and MariBank Customers

To begin, you must apply through two platforms: the myTax Portal and your corporate internet banking portal. After submitting on myTax, an approver from your company must approve the arrangement via your bank’s portal. Once approved, the GIRO setup is instant.

An important detail: you have 48 hours to complete this approval; otherwise, the application will lapse. Also, bear in mind that IRAS systems are under maintenance every Wednesday (2 am–6 am) and Sunday (2 am–8:30 am), during which processing may be delayed.

Once approved, you can track your instalment schedule by viewing the GIRO plan on the myTax Portal.

For Other Bank Customers

If your bank is not listed among the above, you’ll need to mail a physical GIRO application form to IRAS. Processing typically takes up to 21 working days, depending on your bank’s internal handling.

After submission, IRAS will notify you of the application status—available on myTax Portal. From there, you can view approval notices and the instalment plan as soon as they’re processed.

Be mindful: applications submitted after the 20th of any month will only start deductions in the following month.

3. Understanding Instalment Eligibility

Furthermore, the number of instalments your company can receive depends on how promptly you file your Estimated Chargeable Income (ECI):

Filing Timeline from Financial Year End	Number of Instalments
Within 1 month	10
Within 2 months	8
Within 3 months	6
After 3 months	None (no instalments)

To maximise instalment benefits, ensure your ECI is e‑Filed by the 26th of the respective month from the company’s financial year end.

Also, requirable minimum monthly GIRO deduction is S$50, and note that initial deductions may combine several instalments depending on timing. Additionally, IRAS may adjust instalment plans if a revised ECI is filed.

4. Managing and Adjusting Your GIRO Arrangement

Once your GIRO plan is active, it’s crucial to monitor and manage it proactively:

Ensure sufficient funds are available on the deduction date. Missed deductions can result in bank charges and potentially lead to cancellation.
Deduction dates: primary deduction occurs on the 6th of each month; if unsuccessful, a second attempt is made on the 20th. Two consecutive failures will result in cancellation of your GIRO arrangement.

Updating Details or Plan

If you need to change your bank account or switch from instalment mode to a one-time payment, simply log in to the myTax Portal and navigate to “Apply/Manage GIRO Plan.”

For DBS/POSB, OCBC, UOB, Bank of China, Maybank, or MariBank, you can switch to eGIRO directly. Otherwise, you’ll need to submit a new GIRO application form.

Changes will replace your previous arrangement, and you can review the updated plan online.

Cancel or Terminate GIRO

To cancel your arrangement, go to myTax Portal > Account > View GIRO Plan > Edit. Cancelling allows for future reactivation.

To terminate it entirely, contact your bank directly. After termination, you must set up a new GIRO arrangement for future payments.

After cancellation or termination, it’s imperative to settle any outstanding tax immediately to avoid late-payment penalties.

5. Staying Informed and Compliant

Regardless of your GIRO arrangement, you can always:

Check the latest tax balance on myTax Portal via “View Account Summary”.
Make payments manually if needed through “Pay Taxes”.

Final Words

In summary, paying corporate income tax via GIRO unlocks valuable flexibility and peace of mind. Starting early with ECI filing, staying vigilant with payments, and keeping your GIRO setup up-to-date can make all the difference. Above all, use the digital myTax Portal tools to stay informed and in control—ensuring both compliance and efficient cash flow for your business.

Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Feel free to contact us to consult with our professional advisors team for personalized advice and guidance.

Sources: https://www.iras.gov.sg/quick-links/payments/giro-corporate-income-tax