IRAS to encourage corporate taxpayers to pay by GIRO

31 May 2013

The Inland Revenue Authority of Singapore (IRAS) announced that 1.5 million of taxpayers are now on the GIRO scheme, marking the end of its three-year ‘GIRO Your Tax’ campaign, This translates to 60% ($27 billion) of Singapore’s annual tax revenue collected through GIRO.

Those who are already on GIRO or who signed up for GIRO to pay their income tax and property tax during the campaign had the chance to win attractive cash prizes in three yearly lucky draws from 2011 to 2013. This year’s event was graced by Ms Jessica Tan, Chairperson of the Government Parliamentary Committee for Finance, Trade and Industry who presented the top three cash prizes of $50,000, $25,000 and $15,000.

IRAS will be looking to focus its efforts on encouraging corporate taxpayers to pay their taxes by GIRO. Currently, only 23% of the 57,000 taxable companies, or 13,500, are on GIRO.

Source: Inland Revenue Authority of Singapore (IRAS)