Inland Revenue Authority of Singapore (IRAS), a government authority in charge of tax collection, has collaborated with DBS to digitalise payments.
As agreed, DBS integrated APIs into the tax authority’s operating framework to enable online payments.
IRAS now offers PayNow QR as a payment option on its myTax portal. Customers can use the payment method for paying Individual Income Tax, Corporate Income Tax, Property Tax and Goods and Services Tax.
The implementation is expected to boost tax paying convenience for individual and corporate taxpayers.
The customers can use their SingPass/CorpPass to log into IRAS’ myTax portal and scan the PayNow QR code with any participating banking app to make the payment.
The service will also offer real-time status updates to the tax payers.
DBS Bank Institutional Banking Group digital head Raof Latiff said: “Singapore continues to make steady headway in fulfilling its ambition to become a digital payments society with statutory boards such as IRAS taking the lead to implement secure and instant payment solutions that provide greater convenience to individual and corporate taxpayers.
“The QR code has become increasingly ubiquitous and we look forward to supporting IRAS in continued efforts to enhance their customer payment journey and drive broader adoption of QR payments locally.”
DBS has been working for more than two years with IRAS to digitalise payments of various taxes.
Last year, IRAS, in collaboration with DBS, introduced PayNow as an option for businesses to receive Wage Credit Scheme (WCS) payouts.
Now the two entities are working to roll out PayNow QR for stamp duty payments next year.
In June, DBS entered into a payment services deal with ComfortDelGro Taxi.