Inland Revenue Authority of Singapore (IRAS) taxes are a reality of life. There are a number of ways to make tax repayments, but many of us forget that we can pay our taxes via our bank using a credit card. Putting tax payments on a credit card can provide a host of advantages, such as extra reward points. Show Use this guide to learn how to pay taxes by credit card. Plus, the advantages, drawbacks and alternatives in case you decide to go a different route. HSBC Revolution Credit CardReceive a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth $670) or $200 cashback cashback when you apply for a new credit card and get up to $150 cashback when you apply for supplementary cards.Offer ends 31 Dec 2022 Eligibility criteria, terms and conditions, fees and charges apply. HSBC Revolution Credit Card
In 2020, individuals with income tax obligations had to file their taxes up until 31 May 2020. Tax bills (NOA) were expected to be delivered between late April and September 2020. However owing to the COVID-19 pandemic, IRAS is letting some people defer their 2020 income tax payments by three months (exclusions apply, so do check on the Singapore government’s website for more information). Paying your taxes with a credit card for the first time involves the following steps:
The following are a number of the benefits to paying your taxes via a credit card. These include:
If you’ve decided that a credit card isn’t the best way to make your tax payments, then there are other options to consider.
Paying your taxes with a credit card is a cost-versus-reward situation. Be sure to evaluate your finances and the gains and losses you would make by electing to pay your tax this way. Can I use my cashback credit card for tax payments? You’ll have to check with your bank about which cards they accept for their tax payment services. It is not uncommon to find cashback credit cards on the disallowed list. If you have a cashback credit card that you wish to make the most of, consider linking it to a CardUp account and paying your taxes that way. How long will it take to process my payment? There’s no such thing as an “early payment fee” when it comes to paying taxes, so it’s always best to get in early, regardless of advertised processing times. Most banks suggest that payments will be processed within three working days, but it can sometimes take up to 10. Other payment methods also advertise three working days. If you’re using any physical payment method, such as a printed form, aim to get your tax payments in at least three weeks before they’re due. What is NETS? NETS stands for Network for Electronic Transfers. NETS cards have been an integral part in the process of electronic payment adoption across Singapore. NETS offers a suite of payment processing services, including debit card, credit card, online, mobile, GIRO and point-of-sale payments. Can I pay road tax by credit card? Yes, you can pay using a VISA or MasterCard credit card. Other options include eNETS Debit (Internet Banking) or an ATM Card. Again, keep an eye out for any fees and charges. Image: Getty Images Jacob Stern was a writer for Finder, specialising in consumer comparisons. Jacob has a Bachelor of Arts in Communications and a Master of Teaching in Secondary Education from the University of Technology Sydney. More guides on Finder
Can you use credit card to pay income tax Singapore?How do I pay my income tax bill with a credit card? IRAS doesn't accept credit card payments. In their own words: Credit card payments are not offered by IRAS directly because of the high transaction costs charged by the credit card service providers.
What is the best way to pay income tax in Singapore?How do I file income tax in Singapore?. STEP 1: Prepare the necessary resources. Make sure you have these ready: ... . STEP 2: Log in to myTax Portal. ... . STEP 3: Key In or Verify your details. ... . STEP 4: Update existing tax reliefs. ... . STEP 5: Declare other sources of income, if any. ... . STEP 6: Receive acknowledgement receipt.. |