Filing my Estimated Chargeable Income (ECI)
What is the Estimated Chargeable Income (ECI)?
The Estimated Chargeable Income (ECI) is the estimated taxable income after deducting tax allowable expenses for a Year of Assessment (YA).
Do I need to file for ECI?
All companies are required to file the ECI within 3 months from the end of the financial year except for companies that apply for the administrative concession and those that are specifically exempted from filing.
Companies are not required to file the ECI for the particular Year of Assessment if the following criteria are met:
- Annual revenue is not more than S$5million for the financial year and
- ECI is nil for the Year of Assessment (there is no chargeable income)
What if I missed the deadline to file ECI?
IRAS may issue an estimated Notice of Assessment (NOA) for late filing or non-filing of the ECI. This may be computed based on the company's past years' income or information available to IRAS.