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ECI (Estimated Chargeable Income)

ECI

The (ECI) Estimated Chargeable Income of a company has to be mandatorily filed with IRAS in order to avoid any punitive measures being taken by the tax authority. In fact, the government has introduced certain benefits for early ECI filing Singapore in order to encourage every company to comply with the filing process.

ECI (Estimated Chargeable Income) is the estimated taxable income of a company for a Year of Assessment (YA). The ECI must be filed with IRAS (Inland Revenue Authority Singapore) which Singapore’s premier tax authority, within 3 months after the end of the financial year of a particular YA. Every Singapore Company has to comply with the filing of ECI so as to avoid a notice being served by IRAS. Along with the filing of ECI, a company is also required to file an income tax return by means of Form C/Form C-S.

Criteria for Filing ECI Singapore

  • All the companies whose financial year ends before October 2012 must file ECI with IRAS, within 3 months following the end of their financial year.
  • As per the new administrative concession scheme that came into effect from YA 2013, a company with less than S$1 million annual revenue for a particular financial year need not file ECI.
  • Also, with effect YA 2013 any company with ‘zero’ or ‘nil’ ECI, do not need to file an ECI with Singapore tax authority.

Advantages of Early ECI Filing

The Singapore companies can avail attractive benefits in the form of increased number of installments depending upon the time of ECI filing.

  • For Early e-Filers: The following table illustrates the benefits that a company can avail, by filing early online.
e-filing Date Installments Received
By January 26 10
By February 26 8
By March 26 6
After March 26 None

 

  • For Early Paper-filers:  The advantages that a company can avail by early filing of ECI form manually are given in the table below.
Paper-filing Date Installments Received
By January 24 5
By February 24 4
By March 24 3
After March 24 None

Failure to Submit ECI on Time

In case a company fails to file its ECI within 3 months from the end of its financial year, IRAS will send a Notice of Assessment (NOA) to the company concerned based on its own estimation of the company’s income. However, if the company disagrees with the estimation of IRAS, it can lodge an objection via online through myTax portal or send it in writing to the corporate division of IRAS. This objection must be lodged within 30 days from the date of NOA. Otherwise, the NOA will be considered as the final assessment.

So Why Not Outsource Your ECI Needs to Us?

At Singaporeaccounts.com, we provide extensive solutions with regards to the ECI filing needs of your company. Our services include:

  • Assistance on determining the financial years of your company
  • Preparation and filing of the ECI on your behalf
  • Generation of the access code for filing ECI online

Our team of professional accounts will deliver quality services by following the guidelines of IRAS, thereby making your ECI filing process simple, convenient and accurate.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

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Singapore Taxation OverviewTax System & Tax RatesGST–Goods and Services TaxPersonal TaxCorporate/Company TaxProperty TaxDouble Tax TreatiesWithholding TaxTax for Non-ResidentsTaxation for InternsTax CalculatorECI (Estimated Chargeable Income)

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