On 18 September 2018, the Inland Revenue Authority of Singapore 9IRAS) has updated a new ‘Application Form for Income Tax Advance Ruling’ and details of electronic payment for such process.
From 1 Nov 2018, only electronic payment (Internet Banking Fund Transfer / Telegraphic Transfer payment) will be accepted for the applications.
An initial application fee of S$620 (inclusive of GST) is payable upon application and is non-refundable even if the ruling request is rejected (e.g. where the arrangement is hypothetical). After the first 4 hours taken to provide the ruling, an hourly rate of $155 (inclusive of GST) will be charged for each subsequent hour or part thereof taken.
Payment is to be made via Internet Banking Fund Transfer. If the applicant is not in Singapore or only maintain an overseas bank account, Ipayment by Telegraphic Transfer (TT).may be accepted.
- Payment must be remitted in Singapore dollars so that the amount is not affected by exchange differences and it can fully settle your application fee.
- For remittance, please notify remittance bank that all charges and fees imposed by the overseas and intermediary banks are to be borne by the applicant and not the beneficiary.
The applicant must indicate the Unique Entity Number (UEN) and/ or applicant’s name under Beneficiary Reference/ Purpose of Payment/ Remittance Information/ Payment Details field to avoid delay in the processing of the application.
Source: IRAS, 26 September 2018