2017-03-01
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Calculation of ECI

Calculation of ECI Companies need not factor in the Tax Exemption Scheme for New Start-Up Companies/ Partial Tax Exemption and the YA 2020 Corporate Income Tax (CIT) rebate when filing their ECI. IRAS will compute these and allow the New Start-Up Companies/ Partial Tax exemption and YA 2020 CIT rebate automatically. Example: Calculation of ECI for YA 2020 Your company’s Profit and Loss statement for financial year 2019 (Year of Assessment 2020) is as follows:  Sales  $80,000  Less: Cost of goods sold  $(35,000)  Gross Profit  $45,000  Other Income:  Rental Income  $1,200  Less: Expenses  Advertisement  $(790)  CPF  $(2,300)  Depreciation  $(300)  Directors’ fees  $(9,000)  Printing and […]
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2017-08-22
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Who Needs to File ECI

Who Need to File ECI Compulsory e-Filing for ECI From YA 2020, e-Filing of the ECI is compulsory for all companies. In line with Government’s direction for more cost effective delivery of public services and the Smart Nation vision to harness technology to enhance productivity, e-Filing of the Corporate Income Tax returns (including ECI, and Form C-S/ C) is compulsory. A phased approach is adopted from YAs 2018 to 2020 as follows:  YA  Target Group for Compulsory e-Filing  2018 onwards  Companies with revenue more than $10 million in YA 2017  2019 onwards  Companies with revenue more than $1 million in YA 2018  2020 onwards  All […]
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2017-09-07
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What is ECI

What is ECI Definition of ECI ECI is an estimate of the company’s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). For details of taxable income and tax-allowable expenses, refer to Taxable and Non-Taxable Income and Business Expenses. Declaration of revenue in ECI Form Besides stating the ECI, you have to declare the company’s revenue in the ECI Form. This declaration is compulsory with effect from Jan 2017. Revenue refers to a company’s main source of income, and excludes items like gain on disposal of fixed assets. If your company is an investment holding company, your main source of […]
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2017-09-11
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Pay ECI

Pay ECI Pay Taxes in Instalments through GIRO Only companies that are on GIRO are allowed to pay their taxes in instalments. Companies that do not have an existing GIRO arrangement for Corporate Tax are encouraged to apply for GIRO at least 3 weeks before e-Filing their ECI. If the GIRO arrangement is not approved before the payment due date, the company will not be eligible for instalment payment and will need to pay the full amount of estimated tax by the payment due date. You can check the status of your company’s GIRO application through the Corporate Tax Integrated Phone Service (PDF, 371KB). As announced […]
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2020-08-16
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e-File ECI 

e-File ECI Step 1: Before e-Filing, please ensure: You have been authorised by the company as an “Approver” for Corporate Tax (Filing and Applications) in CorpPass; and You have the company’s tax reference number, your CorpPass ID and CorpPass password. For assistance on CorpPass setup, please refer to Step-by-Step Guides. Step 2: e-File via mytax.iras.gov.sg For assistance on e-Filing, please refer to the relevant guides: User Guide – e-File Estimated Chargeable Income (Company) (PDF, 1.13MB) User Guide – e-File Estimated Chargeable Income (Tax Agent) (PDF, 1.12MB) Explanatory Notes for ECI for YA 2020 (PDF, 189KB) Companies that file their ECI in Apr 2020 will receive their NOAs […]
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