ECI means Estimated Chargeable Income. It is an estimate of a company's chargeable income for a Year of Assessment (YA).
Who needs to file
All companies have to submit their Estimated Chargeable Income (ECI) within three months from the end of their financial year end. If your company is newly incorporated, please refer to the guide for new companies (ECI filing obligations).
We will send a letter to your company towards the end of your financial year to notify you to file ECI.
Even if a company estimates its chargeable income as zero, it still has to file a "Nil" ECI unless the company qualifies for the administrative concession.
Subsequently, if the ECI is more than the actual chargeable income reported in your Form C/ Form C-S, the excess tax paid earlier will be refunded automatically. However, if the ECI is less than the actual chargeable income reported, the additional tax must be paid within 30 days from the date of the Notice of Assessment. Please note that where there is a significant difference between the ECI provided and the chargeable income reported in the Form C/ Form C-S, we may require the company to provide an explanation.
With effect from YA 2013, for companies with financial year ending Oct 2012 or after, you will not need to file ECI for a particular financial year if:
- Your annual revenue is not more than $1 million for the financial year; and
- Your ECI* is NIL.
* It is the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.
For more details, please refer to the FAQs (119KB).
Declaration of amount of revenue in ECI Form
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 income will be your investment income.
Where the audited accounts are not available, you can refer to the company’s management accounts for the purpose of declaring the revenue amount. Should the revenue amount based on audited accounts be different from that declared in the ECI Form, and there is no change in your ECI, you are not required to revise the revenue figure.