Wednesday, Jun 23, 2021
International Finance
Banking

DBS Bank and IRAS join hands to digitalise tax payments

IRAS now offers PayNow QR as a payment option on its myTax portal

Singapore-based DBS Bank has collaborated with the Inland Revenue Authority of Singapore (IRS) to integrate APIs into its operating framework to digitise payments, the media reported.

Now the IRS offcer PayNow QR as a payment option on its myTax portal.

As a result of the collaboration between DBS Bank and IRS, now Singaporeans would be able to pay their taxes such as income tax, property tax, service tax digitally.

Raof Latiff, Group Head of Digital, Institutional Banking, DBS Bank told the media, “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. 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.”

DBS Bank, which is the largest bank in Southeast Asia, announced a 22 percent drop in its second quarter profit for this year. This is mainly due to the money it set aside to deal with loan losses as a result of the coronavirus pandemic.

According to the bank, it’s net profit fell to S$91.35 billion in the April-to-June quarter — down from S$1.6 billion a year ago.

It further said it expects its loans portfolio to grow by 5 percent for the full year, led by non-trade corporate loans; while net interest margins could inch lower to 1.6 percent.

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