DBS Bank announced on August 4 that it has been collaborating with government agencies such as the Inland Revenue Authority of Singapore (IRAS) to enable digital and contact-free payment methods for its users.
IRAS now offers PayNow QR as a payment option on its myTax portal for all major tax types, including Individual Income Tax, Corporate Income Tax, Property Tax, and Goods and Services Tax.
These tax types currently make up over 80% of IRAS’s total tax collections with a taxpayer base of over three million individuals and businesses.
“Singapore continues to make steady headway in fulfilling its ambition to become a digital payments society with statutory boards such as IRAS taking the lead to implement secure and instant payment solutions that provide greater convenience to individual and corporate taxpayers,” says Raof Latiff, group head of digital, institutional banking at DBS Bank.
“The QR code has become increasingly ubiquitous and we look forward to supporting IRAS in continued efforts to enhance their customer payment journey and drive broader adoption of QR payments locally,” Latiff adds.
Ang Sor Tjing, director of IRAS’ revenue and payment management branch, says, “IRAS firmly believes in leveraging technology to redefine our taxpayers’ experience. By partnering with banks to push out different digital payment methods, IRAS hopes to offer taxpayers a wider variety of payment options so as to cater to each taxpayer’s unique needs, preferences and circumstances, and as such encourage prompt tax payment.”
As at 9.02am, shares in DBS are changing hands 51 cents higher, or 2.6% up, at $19.96.