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DBS and IRAS Partner to Streamline GIRO Applications

DBS has joined forces with the Inland Revenue Authority of Singapore (IRAS) to introduce eGIRO, a new online service that simplifies the GIRO application process for both individual and corporate taxpayers. By eliminating the need for manual paperwork, eGIRO significantly reduces processing time from weeks to minutes. This innovative solution is expected to benefit over two million GIRO users in Singapore, making IRAS the first statutory board to partner with DBS on such an integrated service. 

Prior to the introduction of eGIRO, corporate taxpayers (1) faced lengthy processing times of up to three weeks when submitting paper-based GIRO forms. Individual taxpayers had limited options, with two banks (2) participating in the online eGIRO application process via myTax Portal. This meant that account holders of other banks were still required to submit paper forms. Consequently, IRAS received a substantial volume of paper-based GIRO applications, totaling over 50,000 annually from both individuals and companies.

The integrated eGIRO solution, powered by DBS, has substantially improved IRAS’s payment capabilities. This upgrade has not only extended eGIRO services to corporate taxpayers but has also expanded the number of participating banks processing individual taxpayers’ eGIRO applications to seven. As a result, a wider range of taxpayers can now conveniently apply for GIRO online through the myTax Portal.

Individuals and businesses with accounts at participating banks can now conveniently apply for eGIRO to streamline their major tax payments, including Individual Income Tax, Corporate Income Tax, Goods and Services Tax, Property Tax, and Withholding Tax. The online application process is straightforward, requiring just a few simple steps and providing instant confirmation. Users also benefit from increased visibility into the status of their applications. Moreover, the manual entry of bank details and the need for physical signatures are eliminated, further simplifying the process.

Taxpayers are encouraged to adopt eGIRO for a seamless payment experience. By utilizing eGIRO, individuals can benefit from up to 12 interest-free monthly installments for both Individual Income Tax and Property Tax. Corporate taxpayers can also take advantage of this convenient feature, with up to 10 interest-free monthly installments available for Corporate Income Tax.

IRAS Enhances Taxpayer Experience with eGIRO

Teo Chor Leng, Assistant Commissioner of Revenue and Corporate Services Division at IRAS, stated, “The digital eGIRO application service empowers taxpayers to effortlessly set up GIRO for their tax payments, eliminating the need for cumbersome paper forms. This initiative demonstrates IRAS’s unwavering commitment to improving the taxpayer experience through strategic partnerships with key players in the tax ecosystem, including financial institutions.

DBS Pioneering eGIRO Integration with IRAS

Han Kwee Juan, Singapore Country Head at DBS, commented, “We are proud to collaborate with IRAS in launching one of the first fully integrated eGIRO solutions within government agencies. This partnership underscores our shared dedication to revolutionizing the previously complex process of setting up GIRO-based tax payments, creating a seamless and effortless experience. This innovative digital solution further strengthens our commitment to advancing digitalization within the payment industry.”

Positive Impact of eGIRO on Users

The eGIRO service has already yielded tangible benefits for its users. Tan Kian, Chief Financial Officer of Goodwill Entertainment Holding, remarked, “Previously, traditional GIRO applications would consume several days or weeks of our time. However, eGIRO has significantly expedited this process, enabling us to focus on other critical tasks.”

Veron Tan, Director of I-Deal Credit Pte Ltd, echoed these sentiments, stating, “The user experience was remarkably smooth. Completing the online form, linking to our digital banking platform, and obtaining necessary authorizations from our signatories was a seamless process.”

This successful collaboration reinforces DBS’s dedication to supporting the public sector in its digital transformation journey. In 2023, DBS partnered with the Ministry of Education to modernize the GIRO application process for parents and guardians.

For more information on eGIRO for tax payments, please visit the IRAS website:

• Individual Income Tax
• Corporate Income Tax
• Goods and Services Tax
• Property Tax
• Withholding Tax

[1] Corporate taxpayers can now use IRAS’ myTax Portal for eGIRO applications with five participating banks: DBS/POSB, OCBC, UOB, Bank of China and Maybank.

[2] Individual taxpayers can now use IRAS’ myTax Portal for eGIRO applications with seven participating banks: DBS/POSB, OCBC, UOB, Bank of China, Citibank, HSBC and Maybank.

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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