Two weeks ago, I wrote an introductory article about how one is able to receive cashback from mandatory IRAS tax payments. In this article, I will explain this in greater detail and address common questions on using ipaymy’s services for IRAS tax payments.
Do I need to set up a new payment mode in IRAS?
No, you do not need to do so. If you are already on Giro payment scheme (like me), all you need to do is create an account on ipaymy, and set up a one-time / recurring payment to IRAS. Then, you need to schedule a payment before your Giro deduction date. Once IRAS receives your payment from ipaymy, they will not deduct it from your bank account. If you have set this up as monthly tax payment, IRAS will not debit your bank account as long as ipaymy pays this amount.