IRAS allows you to pay your taxes in Singapore through different modes. These options make payments convenient and easy, thereby encouraging you to pay your taxes on time. Here is a list of methods through which you can pay your taxes:
- GIRO transfers
- Credit cards
- Telegraphic transfers
- NETS at Singapore Post branches
- Internet banking of DBS, POSB, OCBC, UOB, BOC, ICBC, Maybank, CIMB, HSBC, Standard Chartered, RHB and State Bank of India banks
- DBS PayLah! Mobile Wallet
- Phone banking of OCBC, UOB, DBS and POSB banks
- ATMs of OCBC, DBS and POSB
- AXS stations including e-stations and m-stations
- SAM kiosks and web and mobile apps
In this article we will discuss the payment of taxes in Singapore through credit cards.
Best Credit cards for Paying Tax in Singapore
You cannot pay your income or property tax using any and all credit cards in Singapore. Only certain banks and credit cards give you the tax payment facility. Here are the credit cards in Singapore through which you can pay your income tax without hassle:
- HSBC credit cards
- Standard Chartered Visa Infinite Credit Card
- OCBC Voyage Credit Card
- DBS credit cards
- BOC Family Card
- Diners Club Credit Cards
How to Pay Taxes using Credit Card
The process of paying taxes using credit card depends on the bank or the credit card you are using. The procedure for each credit card/bank is described below:
IRAS Tax Payment Using CardUp:
- Log into your account and fill in your personal details.
- Schedule your one-time payment.
- Check your Tax Reference Number/FIN/NRIC.
- If you are paying a large amount to the IRAS, the CardUp team will ask for additional documents.
- Make sure to set up the payment five working days prior to the payment date.
- CardUp will instantly charge the amount to your card after the setup along with a 2.6% processing fee.
- On the set date, the amount will be sent to the IRAS.
- It will take three working days for the amount to reflect on your IRAS account.
IRAS Tax Payment Using HSBC Credit Cards:
HSBC allows you to earn 1 Rewards Points for every S$1 you pay towards your income tax using any of the HSBC Credit Card. If you have a cashback card then this is not applicable. The application form can be downloaded from the HSBC Singapore website. You can make two types of payments:
1). One-time payment: Fill up the application form and submit relevant documents such as the Notice of Assessment. With this, the tax amount will be debited from your credit card and added to your bank account. You can pay income tax to IRAS through whichever method of payment (GIRO/internet banking/ATM/AXS/SAM) that you prefer.
2). Payment every month in instalments: Fill up the application form and send an email to the bank with the relevant documents. The amount will be debited every month from your credit card and added to your GIRO account. IRAS will take the amount every month from your GIRO account.
IRAS Tax Payment Using Standard Chartered Visa Infinite Card:
- Fill up the application form on the Standard Chartered website.
- Submit a copy of your most recent IRAS Notice of Assessment. The application form and corresponding documents should reach the bank minimum 7 working days before the tax payment due date.
- The tax amount as per your IRAS Notice of Assessment will be debited from your Visa Infinite credit card and added to your bank account.
- You will earn 3.5 Rewards Points for each dollar you pay as tax. This is subject to the minimum spending requirement as per the card.
- Payment can be made as per your preferred method on IRAS.
IRAS Tax Payment Using OCBC Voyage Card:
- Fill up the tax payment facility form for OCBC Voyage Card.
- Complete the form and submit to the bank.
- The tax form will take 4 working days to update.
- You can choose either one-time payment or monthly instalment plan.
- The amount will be debited from your credit card account and paid to the linked bank account, from where tax payment can be made in your preferred method.
- Miles will be credited to you as per the deduction, at the rate of 1 Voyage Mile per S$1 spent.
- The amount paid will be shown in your credit card monthly bill.
IRAS Tax Payment Using DBS/POSB Cards:
- There are three ways to pay taxes using DBS or POSB cards under the Income Tax Payment Plan or My Preferred Payment Plan:
- Select the option to pay your taxes through credit card using DBS iBanking.
- Send an SMS to 76060 in this format – ‘MP3G_NRIC’. The bank will call you within 3 business days and help you finish your application.
- You can download the application form from the DBS website, fill it up, and send to the bank. You can send it either by snail mail or by fax (+65 6782 1063).
- The tax amount will be deducted from your credit card account and credited to your bank account, from where you can pay your taxes as per your favoured payment method.
- DBS should get the application within 2 weeks of statement date.
- You will earn DBS Reward Points as per the point-earning rate of the card that you are using. Cash rebates are not applicable.
IRAS Tax Payment Using BOC cards:
- BOC tax payment programme gives special rates for BOC Family supplementary cardholders. The processing fee for these cardholders will be 0.2% less than the general fees.
- You can pay tax as a one-time payment, in 12-month instalments, or 24-month instalments.
- The minimum payment to be made is S$500. Any lower amount will be rejected by the bank.
- The application form can be downloaded from the BOC website. Fill it up and send it to the bank through mail or fax.
- The tax amount will be credited to your bank account after being deducted from your credit card. From there you can make payment to IRAS in whichever mode is convenient to you.
- BOC doesn’t give any reward points for tax payments through credit cards.
IRAS Tax Payment Using Diners Club cards:
- You need to fill up the application form and attach a copy of the Income Tax Notice of Assessment/Property Tax bill. Send this to Diners Club.
- The amount will be taken from your credit card credit limit and added to your bank account. From there you can pay your tax in whichever method is easy and convenient for you.
- The minimum amount to be paid is S$500 and the maximum is S$50,000 or 90% of the card’s available credit limit, whichever is less.
Processing Fees for Tax Payment Through Credit Cards
Each credit card will take a processing fee for paying your taxes through it. The processing charges for the cards are as given in the table below:
HSBC Premier MasterCard
HSBC Visa Platinum and HSBC Revolution Cards
HSBC Advance Card
HSBC Visa Infinite Card
Standard Chartered Visa Infinite Card
OCBC Voyage Card
DBS/POSB credit cards
1% (for one-time payment)
2% (12-month instalment plan)
3.5% (24-month instalment plan)
0.2% less processing fee for BOC Family Card supplementary cardholders
Diners Club credit cards
3% for 6-month instalment plan
6% for 12-month plan
Benefits of Paying Taxes Using Credit Cards
Here are some ways in which paying taxes through credit cards is beneficial:
- Manage cash-flow: If you are short of money to pay taxes, paying through credit card will help you manage your cash-flow instead of having to take a loan for the payment.
- Convenience: If you set your tax payment in monthly instalments, you need not worry about having to remember due dates and perform the same action month after month.
- Rewards: Some of the cards such as HSBC Revolution, Standard Chartered Visa Infinite and OCBC Voyage allow you to earn miles/rewards points on every dollar you pay as tax.
- Nominal charges: You only have to pay a one-time processing fee. There is no extra interest on the tax amount if you clear your credit card bill every month regularly.
- CardUp: Pay your taxes via CardUp and earn rewards, cashback, and discounts, based on the terms and conditions of your credit card.