Nonetheless, companies with zero income or nil chargeable income in the previous YA are also required to fill the ECI as \u201czero\u201d unless the companies qualify for certain administrative concessions.<\/p>\n\n\n\n
Who are exempted to file ECI?<\/h3>\n\n\n\n
If you are one of the following entities, you are exempted to file the ECI.<\/p>\n\n\n\n
- A foreign shipowner or charterers, for whom a Shipping Return has been or will be submitted by a shipping agent;<\/li>
- A foreign university;<\/li>
- A designated unit trust or approved CPF unit trust<\/li>
- A real estate investment trusts (REITs) that have been granted special tax treatment under Section 43(2) OF THE Income Tax Act; and<\/li>
- Any other specific case granted a waiver from furnishing ECI by the IRAS, for instance, via an advance ruling issued.<\/li><\/ol>\n\n\n\n
Why you should file your ECI?<\/h3>\n\n\n\n
It is vital to submit the ECI in a timely manner as it is one of the annual corporate compliance requirements in Singapore. The information in ECI plays a crucial role as it helps policymakers understand how businesses and industries work.<\/p>\n\n\n\n
What are the advantages of filing ECI early?<\/h3>\n\n\n\n
Singapore companies that e-file the ECI statements earlier could enjoy more installment plans as follows:<\/p>\n\n\n\n
- ECI filed within 1 month from financial year-end \u2013 10 installments for e-file<\/li>
- ECI filed within 2 months from financial year-end \u2013 8 installments for e-file<\/li>
- ECI filed within 3 months from financial year-end \u2013 6 installments for e-file<\/li>
- ECI filed 3 months after the financial year-end \u2013 No installments allowed<\/li><\/ul>\n\n\n\n
These payment installments are very beneficial to most of the companies in Singapore as the business owners can manage the company\u2019s budget easily when they apply for this installment option.<\/p>\n\n\n\n
What if the company failed to comply with the filing of ECI?<\/h3>\n\n\n\n
If a company has failed to comply with the ECI requirements after the end of 3 months grace period, IRAS will issue a Notice of Assessment (NOA) based on its estimation of that particular company\u2019s income. Within that precious one month from the date of IRAS\u2019s NOA, the company has to submit a written objection if the company does not agree with IRAS\u2019s estimated assessment. Otherwise, the NOA is considered as the final assessment.<\/p>\n\n\n\n
If you are in need some advice and support on filing ECI for your company, WLP group offers professional tax computation<\/a> and filing services. We will be able to prepare and calculate all of your company\u2019s tax liability, and help your company submit their ECI within 3 months of financial year end. Contact us<\/a> for more information on how we can help your company today.<\/p>\n\n\n
\n\nPARTNERSIP<\/strong><\/h5>\n\n\n\n
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<\/figure><\/div>\n<\/div>\n<\/div>\n\n<\/div><\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Estimated Chargeable Income (ECI) is an estimate of the total taxable income for a given Year of Assessment (YA). ECI is calculated based on the total income, minus all tax-allowable expenses and other such deductions. Here are some important things that you need to know about ECI. Who needs to file ECI? All the companies … Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-18956","post","type-post","status-publish","format-standard","hentry","category-accounting","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t