Your company needs to furnish Estimated Chargeable Income (ECI) within three months from the end of its financial year.
For example:
| E.g. no |
Financial year-end |
Due date for filing ECI |
Period covered in the accounts |
Year of
Assessment (YA)
|
Due date for filing ECI
for that particular YA |
1 |
31 Dec |
31 Mar of the following year |
1 Jan 2011 to 31 Dec 2011 |
2012 |
31 Mar 2012 |
2 |
31 Mar |
30 Jun |
1 Apr 2010 to 31 Mar 2011 |
2012 |
30 Jun 2011
|
If you submit your company's ECI within the qualifying period, you can pay your tax in instalments. It is better for your company to submit the ECI earlier, as the earlier the ECI is submitted, the higher the number of payment instalments will be given.
To encourage you to e-File, with effect from YA 2008, the number of instalments given to those who file ECI electronically is more than that given to those who file ECI using paper ECI Forms.
To find out how to file ECI and the number of instalments allowed, please refer to How to File.
What if I don't file
If your company does not submit the ECI within three months from the end of its financial year, we may issue a Notice of Assessment (NOA) based on our estimation of your company's income.
If you do not agree with our estimated assessment, you must lodge an objection either electronically via myTax Portal or write to our Corporate Tax Division at
Inland Revenue Authority of Singapore
55 Newton Road
Revenue House
Singapore 307987
Fax no.: (+65) 6351 4360
The objection to the assessment has to be lodged within 30 days from the date of the NOA, together with your reasons for not filing your ECI on time.
Otherwise, the estimated assessment may be treated as final, even if the actual income based on your Form C and accounts submitted subsequently, is lower than our estimates. This means that your estimated assessment may not be amended based on your Form C and accounts since there is no valid objection to the estimated assessment within the stipulated time.