Estimated Chargeable Income (ECI)
Your company has to furnish an estimate of its chargeable income known as Estimated Chargeable Income (ECI) within three months from the end of its accounting period.
For example, if your company's financial year end is 31 Dec, you have to furnish ECI for the accounting period ending 31 Dec 2007 by 31 Mar 2008.
How to file ECI
For details on filing ECI, refer to Filing Estimated Chargeable Income (ECI).
Form C
Your company is required to declare its income by completing an Income Tax Form for companies, known as Form C, each year.
The due date for filing of Form C for each YA is as follows:
| YA |
Due date |
| 2007 and before |
31 Jul of each year |
| 2008 onwards |
30 Nov of each year* |
* IRAS is pleased to inform that in response to feedback from companies, 30 Nov will be the filing deadline from Year of Assessment 2009 instead of 31 Oct as announced previously.
When will the Form C be sent to my company
IRAS will send the first Form C to a newly incorporated company in the second year following the year of incorporation.
Example:
| Year of incorporation |
Year in which your company will receive its first Form C |
Remarks |
| 2007 |
2009 |
Form C for Year of Assessment (YA) 2009 will be sent to your company in Mar/Apr 2009.
This Form C is for your company to declare its income for the financial year ending in year 2008.
|
Thereafter, Form C for subsequent YAs will be sent to your company in Mar/Apr every year.
Do I need to request for my company's first Form C to be sent earlier
You may need to request for the first Form C to be sent to you earlier, that is, in the year immediately after the year of incorporation (instead of the second year following the year of incorporation) under certain circumstances.
Please note that income is assessed on a preceding year basis. This means that the basis period for any YA generally refers to the financial year ending in the year preceding the YA.
Example 1
Your company is incorporated on 1 Jul 2007 and its financial year end is 30 Jun.
If your company's first set of accounts covered the period from the date of incorporation (1 Jul 2007) to 30 Jun 2008, your accounts is for YA 2009. You do not need to request for Form C for YA 2008.
Example 2
Your company is incorporated on 1 Jul 2007 and its financial year end is the 31 Dec.
If your company's first set of accounts covered the period from the date of incorporation (1 Jul 2007) to 31 Dec 2007, your accounts is for YA 2008. In this case, you have to request for Form C for YA 2008.
You can request for Form C via the form Request for Form C for Newly Incorporated Companies or Companies Granted Waiver to Submit Form C/Change of Particulars (36KB).
If your company's first set of accounts covered the period from the date of incorporation (1 Jul 2007) to 31 Dec 2008, your accounts is for YA 2009. In this case, since the first set of accounts is for YA 2009, you do not need to request for Form C for YA 2008. Your accounts for the period from 1 Jul 2007 to 31 Dec 2008 is to be submitted with the Form C for YA 2009, which will be sent to your company in Mar/Apr 2009.
When you file Form C for YA 2009, please note that you need to submit separate tax computations for YA 2008 and YA 2009 since your accounts covered a period of more than 12 months. You have to apportion the income for the period from 1 Jul 2007 to 31 Dec 2007 (YA 2008) and 1 Jan 2008 to 31 Dec 2008 (YA 2009). When submitting Form C for YA 2009, please attach a covering letter stating that you have enclosed the tax computations for YA 2008 and YA 2009.
How to file Form C
For details on the filing and completion of Form C, refer to Filing Income Tax Form (Form C). You may also refer to the guide on "Essential Information for Newly Incorporated Companies" (287KB)