I am on GIRO. Why is IRAS deducting from my bank account when I have not received my tax bill?
Once you are on GIRO payment scheme, your instalment payment for your taxes will continue in May each year to April of the following year, based on a Provisional Instalment Plan (PIP).
Your PIP is computed based on your tax payable for the previous Year of Assessment (YA). The PIP allows you to enjoy the maximum 12 months instalment.
The tax instalments will be revised subsequently when your current tax bill is finalised. The tax instalments that you have paid will be used to offset your tax assessed and the instalments for the remaining months will be adjusted accordingly.
Excess payment, if any, will be automatically refunded to you. There is no need for you to make a claim for refund.
If you wish to revise the PIP to an amount that is close to your actual tax payable, please chat with us online.