lkarren

coped from: http://www.channelnewsasia.com/stori...285050/1/.html

IRAS to pay interest if tax refunds are issued late
By Foo Siew Shyan, Channel NewsAsia | Posted: 28 June 2007 2046 hrs


SINGAPORE: The Inland Revenue Authority of Singapore (IRAS), which has ramped up its efficiency with a new IT system, will soon pay interest if it fails to issue tax refunds promptly.

For Grace Tan, Executive Director of Association of Chartered Secretaries, filing her tax returns online has always been a breeze.

Last year, she received a tax refund of a few hundred dollars from IRAS for child relief.

She is among half a million people who get such refunds every year.

Come July, IRAS said it would dole out interest to taxpayers if it fails to issue refunds within 30 days.

The interest will be based on average prime rates, which is about 5 percent per annum.

Ms Tan said: "It's a reassurance from IRAS of their commitment to process their refunds within a stipulated time period."

The initiative was announced by Minister of State for Finance and Transport Lim Hwee Hua at the launch of IRAS' myTax Portal.

She said: "This is IRAS' initiative to, in a way, set itself a benchmark and service standard, and to really put more substance to it."

Currently, less than 1 percent of tax refund cases are administered late.

IRAS hopes to bring the figure down to zero soon.


- CNA/so

gundam916

Yeah man!!! This sud have been done so NONG NONG AGO!!!! Not just IRAS, but includes other private companies out there (You should know who they are as I dun 1 to mention names...) Always very fast in charging ud for the services rendered & hence sometimes overcharged us; but when it comes to refund or credit, even a TORTOISE can TYPE faster than them!!! & you call this World-class service standards!?!? [OMG!! What's the world coming to then... :handsup: ]

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shingshing

lol...interest of how much? 0.01% per annum?

tesoon

I heard is 0.05%. Is it true?

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uyen

i also heard its 0.05%.

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genzo2106

its stated as 5% here.. but gt so high meh???:confused2:

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djchris

5% P.A. But do they hold it that long?
If they return you within a month, that would be ~0.42%

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