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IRAS understands that encountering financial difficulties can make timely tax payments challenging. If you are facing such difficulties, IRAS encourages you to contact them before the due date. IRAS is here to work with you and develop a suitable payment plan that accommodates your specific circumstances

Following the announcement during Budget 2024, homeowners residing in their primary residence (properties taxed at owner-occupier rates) may be eligible for an extended property tax installment plan of up to 24 months.

Extended Installment Plan for Retiree Property Tax

To qualify, you must meet all the following criteria:**

• Your assessable income for Year of Assessment (YA) 2023 must not exceed $34,000.
• All property owners, including yourself, must be aged 65 or above in 2024.
• The property must have outstanding property tax payable.

Enrollment for this program began on 19 February 2024. Please refer to the “Arranging for a Longer Payment Plan” section below for application instructions. The application requires a declaration confirming you meet the eligibility criteria

Extended Payment Options

Taxpayers facing difficulty paying their taxes can apply for a longer installment plan through the “Apply for Payment Plan” service on myTax portal (http://mytax.iras.gov.sg ). This option is only available for payments made via GIRO.

Existing GIRO Arrangement:

• For taxpayers with an existing GIRO arrangement, a video guide is available demonstrating how to adjust your payment plan in two easy steps: canceling the existing plan and arranging a new one.
• Alternatively, a downloadable guide (PDF, 1.36 MB) provides detailed instructions on canceling and reactivating GIRO.

New GIRO Arrangement:

• Taxpayers without a current GIRO arrangement for Individual Income Tax or Property Tax can follow these steps:
  • Apply for GIRO (using DBS/POSB or OCBC bank) directly through myTax portal.
  • Arrange a new payment plan after successful GIRO application.
• A downloadable guide (PDF, 2.32 MB) offers detailed instructions on applying for a payment plan with a new GIRO setup.

Businesses without Existing GIRO Arrangement

• Apply for a GIRO arrangement (DBS/POSB, OCBC, UOB, Bank of China, Maybank) directly through myTax portal to enable a payment plan. A downloadable guide (PDF,849 KB) provides detailed instructions.
• Alternatively, for banks not listed, complete and submit the downloadable Master GIRO form (PDF) and your online payment proposal within the same day.

Payment Proposal Considerations (All Banks)

• Separate payment proposals are required for:
  • Corporate Income Tax and PIC Recovery
  • Goods and Services Tax
• IRAS will assess your request within 15 working days and may request additional information.
• Approval requires strict adherence to the payment plan schedule. Non-compliance will result in plan cancellation and potential tax recovery actions by IRAS.

Additional Support Services:

Beyond financial assistance for tax payments, various agencies offer support depending on your specific needs:

• Social Assistance: Ministry of Social and Family Development (MSF) and Social Service Offices.
• Employment Assistance: Workforce Singapore (WSG) Careers Connect.
• Enterprise Assistance: Enterprise Singapore offers financial and non-financial assistance schemes for companies.

If your company needs help filing taxes for the year 2024, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

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