Tax Refunds
- Generally, tax credits of at least $15 are automatically refunded.
- Tax refunds made via PayNow (receiving GST and Corporate Tax refunds) and GIRO will be received within 7 days from the date of the tax credit arises. Tax refunds made via cheques may take up to 30 days.
- IRAS will pay interest on tax refunds made after 30 days from the date the tax credit arises unless it is a situation where automatic refund of tax credits will not be made.
Checking for Tax Credits and Unclaimed Monies
You may log in to myTax Portal and select “View Account Summary” under ‘Account’ to check if you have any tax credits. If you have any tax credits for Individual Income Tax and Property Tax, you can also Ask Jamie.
IRAS may have attempted to refund your tax credit but could not contact you to do so. You can check if you have any unclaimed monies with IRAS.
When Automatic Tax Refunds Will Not be Made
You will not be given automatic tax refunds when your tax credit is less than $15 or when you have given instructions to retain your tax credit for future tax offset.
1. Outstanding Taxes/Penalties
Your tax credit will be used to offset any outstanding taxes or penalties that you may have.
2. Advance Payment of Tax Assessment
When you have made an advance payment in anticipation of a tax assessment.
3. Credit Due to GIRO Deductions
When your tax credit is a result of GIRO deductions for your provisional instalment plan and your tax assessment has not been finalized for that Year of Assessment.
4. GST Returns Not Filed
When you have one or more outstanding GST returns not filed.
5. Under Audit or Investigation
When you are under audit or investigation by the Comptroller.
6. Prior Unsuccessful Tax Refunds
When prior attempts to refund the tax credit to you had been unsuccessful.
7. Failure to Furnish Details for Tax Refund
When you have failed to provide IRAS with the necessary information to effect the tax refund.
8. No Reply to Assessment Enquiries
When you have not replied to any outstanding assessment enquiries that may have an impact on the tax position.
9. Company Dissolved
When your company has dissolved, IRAS will hand over any tax credit in your company’s account to the Insolvency and Public Trustee’s Office (IPTO).
If you are the shareholder of the defunct company, you can approach IPTO to claim the tax credit. Charges will be imposed by IPTO for processing of the claim.
10. Bankruptcy
After you filed for bankruptcy, IRAS will hand over any tax credit you have to the Insolvency and Public Trustee’s Office (IPTO). You may approach the Official Assignee for more information.
11. Overpayment of Withholding Tax
When there is overpayment of Withholding Tax under Section 45 of Income Tax Act remitted to the Comptroller of Income Tax.
Tax refund claims need to be filed by the local payer who remitted the tax or by the non-resident whose income was liable to tax. Tax credit will be refunded within 30 days upon IRAS’s agreement and notification to Local Payer/Non-Resident of the refundable amount.
12. Claims Approved After Sale of Property
If you are the ex-owner of a property, the tax refund will not be made automatically to you if the tax credits arise from claims approved after the sale of a property. You will have to submit a request via myTax Portal within the time period stipulated in the letter sent by IRAS for us to process your tax refund.
13. Other Circumstances
When there are any other circumstances that may not permit the tax credit to be refunded by IRAS.
Interest on Late Tax Refunds
The interest rate is 5.5% per annum. This interest rate is subject to annual review and determined by the Ministry of Finance.
Contact for Tax Refund Matters
Mail:
55 Newton Road
Revenue House
Singapore 307987