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Singapore Estimated Chargeable Income (ECI)

Singapore Estimated Chargeable Income, ECI, Calculate ECI, ECI Filing

You need to include the company’s main sources of revenue in its Singapore Estimated Chargeable Income (ECI) statement. We assist you in preparing ECI Statement using data from the audited accounts or management accounts. We do it accurately & within the due dates, as the IRAS expect you to file it within three months from the end of company’s financial year. We save your time, efforts, and ensure your compliance without giving you last-minute worries.

ECI (Estimated Chargeable Income) is an appraisement of a Singapore company’s taxable income for a given Year of Assessment (YA). Regardless of size and type, we assist all companies in Singapore in preparing and filing their ECI statement with the IRAS (Inland Revenue Authority of Singapore) for the preceding economic year.

 

Get Reliable Singapore ECI Filing Services

Your Singapore ECI statement should include the company’s main sources of revenue excluding any gains on disposal of fixed assets. For instance, if you run a Singapore investment company, its primary source of income is its investment income.

 

Zero ECI

Our certified accountants help companies in filing a ‘Zero’ ECI when they have no income during the Year of Assessment (YA). They also advise you on whether your company fulfills the IRAS’ conditions & if it qualifies for any administrative concessions.

 

Form C/Form C-S

We collate information and fill & submit Income tax return form (Form C/Form C-S) accurately as part of your compliance. Information declared in ECI filing form is valuable. It is useful for making key financial decisions, assessing performance, and future planning of a company.

 

Preparing ECI Statement

Our experienced accountants prepare ECI statement using your audited accounts. If the accounts are not available at the time of ECI submission, we use information from the company’s management accounts for the purpose.

Later on, when you audit your accounts, the actual revenue may not match the declared amount in ECI form. However, there is no cause for worry. IRAS will not ask you to update your ECI statement to reflect the revised figures.

 

Who Needs to File the ECI Statement in Singapore?

All companies in Singapore must submit their ECI to IRAS within 90 days from the end of their financial year. With effect from YA 2013, companies with financial year ending Oct 2012 or after, will not be required to file ECI for a particular financial year if they meet following conditions under administrative concessions scheme:

•  Company with less than S$1 million annual revenue for the financial year and

•  ECI* is NIL

ECI refers the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.

 

Effects of Failing to Submit ECI Statement

If you fail to submit ECI within the stipulated time, IRAS issues a Notice of Assessment (NOA) to you based on its own estimation of the company’s revenue. If you disagree with the estimate by IRAS, you need to lodge an objection with the agency within one month from the date of NOA.

You can either do it electronically via myTax Portal or by writing to the agency’s corporate tax division. Otherwise, the NOA will be treated as the fair and true assessment despite differences on the revenues declared on Form C/Form C-S and the account submitted afterward.

 

Benefits of Early ECI Filing

Our accountants advise you on the two options available for filing ECI.

•  e-Filing: We can assist you in filing ECI either by submitting online via myTax Portal.

•  Paper-Filing: Alternatively, you can choose to go for paper-filing the ECI form.
 

Due Dates for ECI Filing and Installment Options

Our accountants advise you on the two options available for filing ECI.

•  If you e-File by the 26th of each qualifying month, you can enjoy the maximum number of installments allowed for that month.

•  In the case of paper-filing, your ECI Form should reach IRAS by the 24th of each qualifying month to enjoy the maximum number of installments allowed for that month.

•  If you file your ECI after 3 months from company’s financial year-end, you get no installment option.

The above-illustrated table clearly signifies that the earlier the ECI filed, the higher the number of payment installments.

 

ECI Installments That You Can Qualify For

With an aim to encourage early filing, the authority of IRAS has awarded more numbers of installments to early e-filers and paper-filers. For instance:

ECI filed within

e-filers (no. of Installments)

Paper-filers (no. of Installments)

  1 month from financial year-end

10

5

  2 months from financial year-end

8

4

  3 months from financial year-end

6

3

 

Why Outsource Your Estimated Chargeable Income (ECI) Filing to SBS Consulting?

SBS Consulting provides affordable Singapore ECI filing solutions to small companies. Our accountants & tax consultants, assists with,

a. Determination of company’s financial year,
b. Preparation of ECI statement,
c. Obtain online access code to e-file ECI report to IRAS

We are ever-ready to assists you with your statutory compliance like ECI filing. We at SBS Consulting adhere to statutory obligations laid down by the regulators like ACRA & IRAS and strive to deliver quality and error-free services to you in a cost-effective manner.

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

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