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Tax Refund Frequently Asked Questions

Direct Deposit is a safe, reliable, and convenient way to receive Federal payments. The Department of the Treasury's Bureau of the Fiscal Service and the Internal Revenue Service both encourage direct deposit of IRS tax refunds. Direct Deposit combined with IRS e-file provides taxpayers with the fastest and safest way to receive refunds.

This resource page of frequently asked questions about IRS tax refunds provides financial institutions with useful information for reference while assisting customers during the tax filing season.

For other FAQs about Direct Deposit, download the Direct Deposit FAQs.

Looking for Information About Your Tax Refund?

E-file and sign up for Direct Deposit to receive your refund faster, safer, and easier! You can check the status of your refund using IRS’ Where’s My Refund?

Not using e-file? You can still get all the benefits of Direct Deposit by getting your tax refund deposited into your account. Simply provide your banking information to the IRS at the time you are submitting your taxes.

Convenience, reliability and security. No more special trips to your institution to deposit your check — a nice feature if you are busy, ill, away from home, located far from a branch or in a place where parking is hard to find. You no longer need to wait for your check to arrive in the mail. Your money will always be in your account on time. If you move without changing financial institutions, you will not have to wait for your check to catch up with you. You do not have to worry about lost, stolen or misplaced checks.

Last modified 08/25/22

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. For Individual Income Tax and Property Tax, you can also Ask Jamie. 

At times, IRAS’ attempt to refund your tax credits may be unsuccessful e.g. you have left Singapore or your bank account or mailing address is not updated with IRAS.  IRAS will make reasonable efforts to contact you to refund your tax credits. Any tax credit which IRAS is unable to refund to you i.e. unclaimed monies, will be reflected here. Please contact IRAS to claim them.

Modes of Tax refunds

This is a fast and convenient way to receive your Individual Income Tax, GST and Corporate Income Tax credits. Currently, this mode of refund is not available for other tax types such as Property Tax refund and Stamp Duty.

Individuals (including GST-registered individuals and sole-proprietors) may sign up for PayNow by linking their NRIC/FIN to their bank account via internet banking. GST-registered companies and organisations may sign up for PayNow Corporate by linking their UEN (without suffix). For assistance in signing up for PayNow, please approach your bank.

GST and Corporate Income Tax refunds

For GST-registered individuals and sole-proprietors with existing Paynow as well as companies and organisations with existing PayNow Corporate, the tax refund will be credited into the bank account linked to their PayNow/PayNow Corporate within 7 days from the date the credit arises. If they do not have an existing PayNow/PayNow Corporate and sign up for PayNow/PayNow Corporate after the tax credit arises, they will receive the tax refund in about 21 days from the date they signed up for PayNow/PayNow Corporate. Subsequent tax refunds via PayNow/PayNow Corporate will be made within 7 days from the date the credit arises.

Individual Income Tax refunds

For individuals with existing PayNow linked to their NRIC/FIN, they will receive their Individual Income Tax refunds into the bank account linked to their NRIC/FIN within 7 days from the date the credit arises. If they do not have a NRIC/FIN-linked PayNow account on the date the credit arises, a refund cheque will be issued to their address registered with IRAS, within 30 days from the date the credit arises.

If you have both GIRO and PayNow, the tax refund will be made via GIRO.

Tax refunds via cheque generally take up to 30 days from the date the credit arises. We encourage you to sign up for GIRO or PayNow to receive your refunds earlier. If you do not have a GIRO arrangement or NRIC/FIN-linked PayNow account, you will receive your tax refunds by cheque issued in your name.

For Property Tax refunds, where the property is owned by more than 1 owner, the tax refund will be issued to the first named owner in the Notice of Transfer.

You should deposit the tax refund cheques from IRAS into your bank account within 3 months from the date of issuance of the cheque. Bank charges such as commissions and bank fees may apply if you deposit the cheque in a bank overseas.   

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. Tax credits not refunded will be used to offset your future tax liabilities.

1. Absence of electronic refund mode

From 3 Jan 2022, Corporate Income Tax and GST refunds are not given automatically for businesses without GIRO with IRAS or PayNow Corporate. 

2. Outstanding Taxes/Penalties

When you have outstanding taxes/ penalties, your tax credit will be used to offset any outstanding taxes or penalties that you may have. You will not receive any tax refunds if your outstanding taxes/ penalties exceed your tax credits.

3. Advance Payment of Tax Assessment 

When you have made an advance payment in anticipation of a tax assessment.

4. 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 finalised for that Year of Assessment.

5. GST Returns Not Filed

When you have one or more outstanding GST returns not filed.

6. Under Audit or Investigation

When you are under audit or investigation by the Comptroller.

7. Prior Unsuccessful Tax Refunds

When prior attempts to refund the tax credit to you had been unsuccessful.

8. Failure to Furnish Details for Tax Refund

When you have failed to provide IRAS with the necessary information to effect the tax refund. 

9. No Reply to Assessment Enquiries

When you have not replied to any outstanding assessment enquiries that may have an impact on the tax position.

10. 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.

11. 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.

12. 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' agreement and notification to Local Payer/Non-Resident of the refundable amount. 

13. Claims Approved After Sale of Property

If you are the ex-owner of a property, and 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.

14. Tax refunds below SGD100 to be made via Telegraphic Transfer

Tax refunds below SGD100 that is to be made via telegraphic transfers will instead be retained in your tax account to offset future tax liabilities. Please refer to 'Tax Refunds via Telegraphic Transfer' for details.

15. Other Circumstances

When there are any other circumstances that do not permit the tax credit to be refunded by IRAS.

If you would like us to refund your tax credit, please email us with the information below. Your request will be processed within 30 days.

• Instruction for IRAS that you would like IRAS to refund your tax credit and the amount of tax credit to be refunded;
• Your Full Name/Company's Name/Property Address;
• Your Tax Reference number (e.g. NRIC/FIN/ROC/Property Tax reference);
• Your Contact number; and
• Your Email address (if it differs from the one which you have used to contact us).

If you wish to retain your tax credit* to offset future taxes, please email or write in to us with the following information: 

1. Your Full name/Company's name/Property address;
2. Your Tax reference number (e.g. NRIC/FIN/ROC/Property tax reference);
3. Instruction for IRAS that you would like IRAS to retain the tax credit to offset future taxes; and 

Please append the refund cheque (if applicable) with your letter to IRAS or send it separately to IRAS if you are emailing IRAS.

* Not applicable to Withholding Tax

Circumstances where interest is payable on Tax Refunds (All Taxes except GST Refunds Arising from Input Tax Exceeding Output Tax)

IRAS will not pay interest for tax refunds within the circumstances where tax credits will not be refunded automatically. For tax refunds outside these circumstances, IRAS will pay interest if the tax refunds are not made within 30 days from the date the tax credit arises or the date IRAS receives the required information/documents supporting the tax refund request (if applicable), whichever is later.

You have a GIRO arrangement with IRAS.

Your tax assessment was finalised on 15 Jul and you have a tax credit of $5,000 to be refunded. IRAS is considered to be late if the tax refund is not made by 14 Aug.

If the tax credit is refunded on 30 Aug, interest will be paid on the principal sum of $5,000 for the period 15 - 30 Aug (16 days) as follows:

$5,000 x 5.5% x 16/365 = $12.05

IRAS will refund $5,000 together with the late tax refund interest of $12.05.

Circumstances where interest is payable on Tax Refunds (GST) Refunds Arising from Input Tax Exceeding Output Tax

The tax refund due date for GST is 1 month and 3 months (after the date IRAS receives the GST returns) for monthly and quarterly prescribed accounting periods, respectively. Generally, IRAS will pay interest when the GST refund is not made by the due date unless:-

• you have outstanding GST returns not filed;
• you are under audit by the Comptroller of GST and have not complied with his requests for information; or
• you have outstanding taxes or penalties.

Regardless of your filing frequency, the Comptroller of GST will pay interest if the tax refund is not made within 3 months after you have filed the outstanding GST return(s), complied with the Comptroller of GST’s request for information and paid any outstanding taxes and penalties.

However, if the Comptroller of GST reasonably suspects that the tax refunds relate to any input tax on any supply made to you which was part of a Missing Trader Fraud arrangement before the Comptroller of GST is required to make the payment of tax refunds, you will be notified about the retention of GST refunds.

Your GST refunds will be withheld until the Comptroller of GST is satisfied that there is no such arrangement. The Comptroller will pay interest if the tax refund is not made within one month after the day that the Comptroller of GST is satisfied that you are entitled to the input tax claims.

You have registered PayNow Corporate.

IRAS receives the GST return for the month of June on 15 Jul and you have a tax credit of $5,000 to be refunded. IRAS is considered to be late if the tax refund is not made by 15 Aug.

If the tax credit is refunded on 30 Aug, interest will be paid on the principal sum of $5,000 for the period 16 - 30 Aug (15 days) as follows:

$5,000 x 5.5% x 15/365 = $11.30

IRAS will refund $5,000 together with the late tax refund interest of $11.30.

You have a GIRO arrangement with IRAS.

IRAS receives the GST return for the period Apr - Jun on 31 Jul with a GST refund claim of $80,000. IRAS is considered to be late if the tax refund is not made by 31 Oct.

If the tax credit is refunded on 3 Nov, interest will be paid on the principal sum of $80,000 for the period 1 - 3 Nov (three days) as follows:

$80,000 x 5.5% x 3/365 = $36.16

IRAS will refund $80,000 together with the late tax refund interest of $36.16.

The following example applies only for tax refund claims submitted on or after 1 Jan 2012.

IRAS receives the GST return for the period Jan - Mar on 30 Apr with a GST refund claim of $40,000. IRAS requests information during an audit on your tax refund claim. You reply to us with the full information on 1 Jun. You have a GIRO arrangement with IRAS.

IRAS is considered to be late if the tax refund is not made by 1 Sep. If IRAS refunds the $40,000 on 4 Sep, interest will be paid on the principal sum of $40,000 for the period 2 - 4 Sep (three days) as follows:

$40,000 x 5.5% x 3/365 = $18.08

IRAS will refund $40,000 together with the late tax refund interest of $18.08.