Singapore legislation

Regulation 2

of Income Tax (Mode of Payment for Refunds) Rules 2021

Regulation 2

Prescribed mode of payment for refunds

Subregulation 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.

Subregulation 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.

Subregulation 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).

Read in full context — Income Tax (Mode of Payment for Refunds) Rules 2021 →