IRAS – Tax Rebate and Defer Your Income Tax Payment

Every eligible Singapore tax payer should have a letter hitting their mailbox from our friend, the Inland Revenue Authority of Singapore (IRAS) on 2 things coming from the Singapore Budget’s Resilience Package.

One-off Income Tax Rebate

So everyone gets a 20% one-off income tax rebate or maximum of $2,000 for tax payable for 2009.

Defer Your Income Tax Payment

You could choose the option to delay your payment for 3 months using your SingPass. Note that you’ll also have to be paying your tax by GIRO to be eligible for the deferment.

Well, 6 month’s isn’t a bad thing (IRAS starts computing in 3 months and starts collecting the instalments 3 months later, making it 6 months in total) for people who might have cash flow problems in the meantime to sort out.

Signing Up

Head to http://www.iras.gov.sg/defergiro

Look out for the big red button on the corner, it looks like this

iras-1

Pump in your SingPass details and you’re done! Remember, the latest date to sign up for deferment is on the 15th of March 2009, so please don’t miss it :)

Sign up for IRAS Deferment

Sign up for IRAS Deferment

Sometimes it’s really impressive and scary to think of how the government keeping tabs on all its citizens with SingPass to all the government portals and statutory boards.

Written by Benson Koh
Benson is a professional real estate realtor with over 11 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. Also a boutique developer, he manages both SRI5000 Developments which concentrates on landed homes as part of his land bank segment and Singapore Realtors Inc (SRI), a real estate agency which has over 7 years of group experience. You can reach him here via various channels. [ Facebook | Linkedin | Twitter | RSS Feed ]