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Epica FAQ Series

What Does ECI or Estimated Chargeable Income mean?

IRAS Compliance

What Does ECI or Estimated Chargeable Income mean?

What is ECI and its purpose? Are there any exemptions from Filing Estimated Chargeable Income (ECI)?


ECI or Estimated Chargeable Income means the total estimated taxable income of a company at the end of its FYE after tax-allowable expenses are deducted. IRAS (Inland Revenue Authority of Singapore) made it mandatory for all the companies, regardless of how big or small they are, to file their ECI on a timely basis.

ECI Waiver

A company must fulfill both the conditions mentioned below for ECI waiver:

  • Total annual revenue of the company for the financial year is less than or equal to $5 million
  • ECI for the YA is NIL

Any company meeting both criteria is free from filing an ECI.

Every company must file the ECI within three months from the end of its financial year (FYE).

Advantages

There are several advantages of filing an ECI on a timely basis. These advantages are:

  • If you fail to file ECI within time, you may face a penalty.
  • Filing timely ECI helps policymakers to understand how different industries are doing. They can use the following data to adjust their policies in favor of many industries which could benefit your industry.
  • The sooner you file your ECI, the more installments you will get. IRAS allows you to pay your taxes in the form of installments. If you file your ECI early, you get more installments compare to those who file it later.

Your accountant files the ECI of your company. In case your company does not have an accountant, you can file it on your own. There are two methods to file ECI of a company.

  • E-filing – It is the method of filing ECI online.
  • Paper-filing – It is the method of filing ECI via paper form.

Advantages of e-filing

There are two significant advantages of e-filing.

  • Your filing gets instant acknowledgment.
  • You can opt for more number of installments.

However, as simple as it may sound, ECI filing can still become a headache for a new entrepreneur or businessman. Our company provides tax filing services. We help you in preparing the ECI statements by working closely with your management and also help you in determining your company’s financial year. Our company also obtains online access codes and e-file the ECI on your behalf.

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