Income Tax (Mode of Payment for Refunds) Rules 2021

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2021

No. S 1005

Income Tax Act

(CHAPTER 134)

Income Tax
(Mode of Payment for Refunds)
Rules 2021

In exercise of the powers conferred by section 7(1) of the Income Tax Act, the Minister for Finance makes the following Rules:

Citation and commencement

1. These Rules are the Income Tax (Mode of Payment for Refunds) Rules 2021 and come into operation on 3 January 2022.

Prescribed mode of payment for refunds

2.—(1) A refund to a company under the Act is to be made by transferring the funds for the refund to a bank account mentioned in paragraph (2) through any of the following means:

(a)	telegraphic transfer;
(b)	the electronic direct debit mechanism known as GIRO;
(c)	the electronic fund transfer service known as PayNow.

(2) For the purpose of paragraph (1), the bank account must be in the name of the company or a person authorised by the company to receive the funds on behalf of the company.

(3) A refund under paragraph (1) may be made through any means not mentioned in that paragraph if —

(a)

the company —

(i)	has made reasonable attempts to open a bank account for the purposes of receiving the refund through a means mentioned in paragraph (1), but has been unable to open any such bank account; and
(ii)	has made reasonable attempts to find a person to authorise to receive, on behalf of the company, the refund into a bank account in the name of that person through a means mentioned in paragraph (1), but has been unable to find any such person; or

(b)

due to any system failure, the funds for the refund cannot be transferred to a bank account mentioned in paragraph (2) through a means mentioned in paragraph (1).

Made on 29 December 2021.

TAN CHING YEE

Permanent Secretary,
Ministry of Finance,
Singapore.

[R044.001.0055.V1; AG/LEGIS/SL/134/2020/56 Vol. 1]

(To be presented to Parliament under section 7(2) of the Income Tax Act).

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