Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023.
The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company’s financial year. As the financial year of various companies may differ, the ECI deadlines between various companies will consequently differ as well.
However, the deadline for all companies to file their corporate taxes is the same. It is 30 November 2023.
A company that completes the filing of its ECI will still need to file its corporate taxes. An ECI is an estimate of the company’s taxable income for a certain Year of Assessment (YA). Taxable income is after deducting tax-allowable expenses. Simply put, ECI is the reporting of the taxable profit of the company for that financial period. In most cases, the taxable income that is declared when filing a company’s ECI is usually the same as the taxable income that is declared when filing a company’s corporate taxes. As the name suggests, ECI is an estimate. If the declared taxable profit is higher than what is declared when filing the company’s corporate taxes, IRAS will bill the company for the underbilled tax amount. If the declared taxable profit is lower than what is declared when filing the company’s corporate taxes, IRAS will refund the company for the overpaid corporate taxes.
Hence, it is important that the taxable profit declared during the corporate tax filing is accurate. Unlike ECI where the company can file an updated version of its taxable income, the corporate tax filing is conclusive.
If you are looking for advice or assistance on your company’s Corporate Tax Filing or ECI, do contact us via email at [email protected].
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
For more useful articles and videos, visit the Singapore Secretary Services resource page.
If you would like to submit a question or would like us to do an article on certain topics, please email us at [email protected].
Other related articles: