Singapore companies are required to lodge the following reports annually with IRAS, which is the main government agency that levies and collects taxes in Singapore.
Within 3 months from the end of their Financial Year, all Singapore companies are required to report their estimated taxable income for each financial year, also known as Estimated Chargeable Income (ECI). Companies are to submit the ECI through an ECI Form provided by IRAS.
Estimated Chargeable Income (ECI) is the company’s estimated income after deducting tax allowable expenses for the preceding financial year.
IRAS regulation exempts companies from reporting ECI if:
- The ECI is Nil
- Annual revenue does not exceed S$1 million
Companies must file an Income Tax Return with IRAS , after submitting the estimated chargeable income. The deadline for filing the tax return is either November 30 for paper filing or December 15 for e-filing. The Income Tax Return provides a calculation of the actual tax that is due to be paid to the tax authority.
Under the Singapore taxation system, companies have to file their tax returns in the current year based on the profits of the company in the preceding year
An income tax return filing waiver is available from IRAS for companies that are dormant (zero business activity) and do not have any income for the financial year.