It’s income tax season again, which means your Notice of Assessment from IRAS will soon arrive for taxes on your 2025 earnings. Thankfully there’s a silver lining as usual – the opportunity to pay by credit card and rack up potentially thousands of points or miles in the process.

I just received my own NoA yesterday, and so this new offer from payments platform ipaymy is timely. This year’s 2026 tax payment offer allows both new and existing users to pay a competitive fee of 1.79% for these payments with a Visa card, or 1.99% with a Mastercard.

A rate of 1.79% represents a 25% discount on ipaymy’s usual 2.4% fee when you use your credit card to settle bills via the platform.

The offer

If you use ipaymy to pay an IRAS tax bill over the coming months, you’ll be eligible for the discounted fee using the following promo codes:

• TAX2026 (for Singapore Visa cards, until 31st May 2026)
• TAXMC2026 (for Singapore Mastercards, until 31st August 2026)

The offer is subject to the following terms and conditions:

• One-time payments to IRAS (TAX2026 code)
• One-time or recurring payments to IRAS (TAXMC2026 code)
• Multiple uses of both codes is permitted

There is no upper cap on the tax amount paid under this promotion, however if you have a particularly large tax payment to make, do contact the ipaymy team via support@ipaymy.com, in case they can offer a special concession rate.

The offer is available to both new and existing ipaymy personal account holders. Simply use the relevant promo code at the ‘Payment Details’ stage.

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Notably this year, ipaymy’s Visa deal is less competitive than in recent years, when a 1.75% fee was offered, and GIRO arrangements via recurring payments were also available at this lower rate.

This year for a GIRO tax bill, a higher recurring payment option for Visa cards is offered at 1.85% – the year-round rate – though the Mastercard 1.99% fee deal can be for recurring tax payments.

So far there’s also no tax payment deal for American Express cardholders (1.99% was offered in 2025).

Cost per mile

Here’s how the cost per mile looks for some popular Visa credit cards issued in Singapore, with the most competitive 1.79% fee in play.

Cost per mile – TAX2026

Card	Mpd	Cost per mile (1.79% fee)
Citi ULTIMA	1.6	1.10¢
DBS Insignia	1.6	1.10¢
UOB Reserve	1.6	1.10¢
DBS Vantage	1.5	1.18¢
UOB PRVI Miles Visa	1.4	1.26¢
SC Visa Infinite	1.4*	1.26¢*
UOB VI Metal	1.4	1.26¢
OCBC 90ºN Visa	1.3	1.36¢
OCBC Voyage Visa	1.3	1.36¢
DBS Altitude Visa	1.3	1.36¢
Citi PremierMiles Visa	1.2	1.47¢
SC Journey Card	1.2	1.47¢

* 1.4 mpd subject to a minimum spend of S$2,000 in the same statement cycle, otherwise 1 mpd. ipaymy payments do count towards the minimum.

As you can see even with one of the widely-held 1.2 mpd cards like the SC Journey Card and Citi PremierMiles options, an effective cost per mile of 1.47 cents is competitive.

For those lucky enough to have 1.6 mpd earning cards, the cost per mile drops to an excellent 1.1 cents.

Here’s how the cost per mile looks for some popular Mastercard credit cards issued in Singapore, starting at 1.22 cents.

Cost per mile – TAXMC2026

Card	Mpd	Cost per mile (1.99% fee)
Citi Ultima MC	1.6	1.22¢
UOB PRVI MC	1.4	1.40¢
Citi Prestige	1.3	1.50¢
OCBC 90°N MC	1.3	1.50¢
KrisFlyer UOB	1.2	1.63¢
Citi PM MC	1.2	1.63¢

As you can see even with one of the widely-held 1.2 mpd to 1.3 mpd cards like the Citi PremierMiles and OCBC 90°N options, an effective cost per mile of 1.5 to 1.63 cents is a little on the steep side for most.

However, for those lucky enough to have 1.4 mpd or 1.6 mpd earning cards, the cost per mile drops to a far more competitive 1.4 cents or even 1.22 cents.

Note: UOB excludes UNI$ earning on payments with the descriptor “IPAYMY” in its credit card T&Cs, but does not exclude ipaymy as a merchant itself. ipaymy states that UOB cards do still earn miles, and reader reports confirm this. ipaymy is still honouring its points guarantee for payments made with UOB cards.

You can refer to the latest full list of cards awarding points and miles for ipaymy transactions here.

Calculation

One of the common questions we are asked regarding ipaymy is why the cost per mile isn’t simply the fee divided by the earn rate (e.g. 1.79% ÷ 1.5 mpd = 1.19 cents per mile).

The reason is that you will earn miles on the fee itself, as well as the due amount when you make a payment through ipaymy, which gives you slightly more miles than you might have expected.

Here’s an example using the DBS Vantage Visa for an income tax payment under this offer:

• S$21,612 payment
• 1.79% fee = S$387
• Fund safeguarding fee = S$1
• ipaymy charges your card S$22,000 (S$21,612 + S$388)
• DBS awards 16,500 DBS Points (= 33,000 miles)

Cost per mile is S$388 ÷ 33,000 miles = 1.18 cents per mile

How to pay

Once you’re logged on to ipaymy you’ll be presented with the ‘Dashboard’ screen. To set up your income tax payment, click ‘Make payment’ in the top right, then select ‘Tax’.

You’ll then be asked to enter the details for your tax bill. These should match your IRAS Notice of Assessment (NoA), which you’ll also have to upload as a PDF or scanned copy.

Tip: You can download a PDF version of your IRAS NoA once it’s published, by logging on to the IRAS myTax Portal using SingPass.

Next you’ll choose your payment date, but bear in mind that your card will be charged the previous working day, as shown on the calendar presentation.

At the Payment Details screen, you’ll select which saved credit card you wish to use, then the regular ipaymy fee of 2.4% will be displayed.

Here’s where you’ll enter the TAX2026 or TAXMC2026 promo code, as appropriate depending non the card network issuer (Visa or Mastercard),

Once applied, you will see the fee drop from 2.4% to 1.79% (Visa) or 1.99% (Mastercard). In the following example, an income tax payment of S$10,000 using a Visa card now carries a fee of S$179 (1.9%) instead of S$240 (2.4%).

Note that ipaymy adds a S$1 surcharge to the fee payable for ‘Fund Safeguarding’, which ensures your funds are protected and held in a segregated safeguarded account. For smaller payments, this does adversely affect the cost per mile.

Not received your IRAS NoA yet?

Don’t worry if you haven’t received your bill yet and/or don’t have a ‘Notice of Assessment’ date showing at the online IRAS portal. NOAs are sent out between now and September 2026, so your tax liability may be in a later batch.

Remember the TAX2026 promo code is valid for payments until the end of May 2026 and the TAXMC2026 promo cods is valid for payments until the end of August 2026, with further extensions likely based on previous years, so you should still be able to use them even if your tax statement comes through later.

Better offers could be coming

You may still want to hold off settling your income tax bill for now if you can, while we still await this year’s deals from CardUp and Citi PayAll.

Last year, CardUp’s best deal was a 1.73% fee for OCBC Voyage cardholders, and a 1.75% fee for general Visa cardholders, while Citi PayAll had a somewhat convoluted deal allowing you to pay 1.44 cents per mile for income tax payments, but only with a hefty S$6,000+ in non-tax payments at a poorer fee.

Let’s see what gets released this year, usually by mid-April or so.

Other tax types also included

While income tax season is just around the corner, the good thing about these new ipaymy promo codes for IRAS tax payments is that they are also valid for use on other taxes payable in Singapore, not just income tax.

These include:

• Property tax
• Stamp duty

Another competitive rate for income tax payments from ipaymy this year, starting at a 1.79% fee using Visa cards, translating to an excellent cost per mile from just 1.1 cents when settling this year’s bill.

Don’t forget to apply the TAX2026 promo code at the review stage to receive the discounted rate.

For those using a Mastercard, promo code TAXMC2026 gives you a 1.99% fee option, which brings the cost per mile down to 1.22 cents in some cases.

Do note that unless you need to pay quickly, it may still be worth holding off for all the deals to be released including from the likes of Citi PayAll and CardUp before you commit.

While we may never see the return to a cost per mile of 0.8 cents, deals in recent years have been slightly better for some via alternative platforms.

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(Cover Photo: IRAS)