You may be eligible for tax credits if there has been:
- Overpayment of Income Tax, Property Tax, Goods & Services Tax (GST), or Stamp Duty
- Amended assessment
To check if you have any tax credit:
- Refer to Statement of Account sent with your Income Tax Notice of Assessment or Property Tax Bill
- Check your account online by logging on to myTax Portal.
- Most tax refunds are made automatically without taxpayers having to make a claim.
- The Inland Revenue Authority of Singapore (IRAS) processes 90% of tax refunds within 7 days.
Circumstances Where Tax Credits Are Non-Refundable
- Tax credit less than $15: credit will be used to offset your future tax liability
- Advance payment made in anticipation of a tax assessment
- Unfiled outstanding GST returns
- Audit or investigation by the Comptroller of Tax
- If IRAS lacks sufficient information to effect a refund to you
- Company has been dissolved: any credit in the company’s account with IRAS will be paid over to the Insolvency and Public Trustee's Office (IPTO)
- Overpayment as a result of Withholding Tax
- Failure to comply with IRAS’ requests to furnish necessary information to effect the refund.
How To Claim Refunds
- Generally, if you pay your taxes through GIRO, any refund due to you will be credited directly to the same GIRO bank account.
- Otherwise, IRAS will refund you with a cheque.