The Estimated Chargeable Income or ECI is the company’s estimated amount of taxable income for an accounting period. The amount should exclude tax allowable expenses incurred during the Year of Assessment (YA).

The tax exemption scheme for new start-up companies and partial tax exemption scheme for companies are tax reliefs available to reduce companies’ tax bills.

The tax exemptions for qualifying companies for their first 3 consecutive YAs are as follows:

• 75% exemption on the first $100,000 of normal chargeable income^*; and
• A further 50% exemption on the next $100,000 of normal chargeable income^*.

* Normal chargeable income refers to income to be taxed at the prevailing Corporate Income Tax rate of 17%.

Your company is eligible for the tax exemption scheme for new companies for its first 3 consecutive YAs if it meets all the qualifying conditions.

Electronic filing of Form C-S/C is compulsory for all companies.

Corporate tax is reported based on financial statements of the preceding financial year.

The filing deadline for corporate tax return (Form C-S/C) is on the 30th November of every year.

Example: Corporate Tax Return for Year of Assessment (YA) 2021 should be completed based on financial statement for the year ended 2020. The deadline for filing of the Corporate Tax Return (Form C-S/C) for the Year of Assessment (YA) 2021 is 30 Nov 2021.

There are mandatory requirements to complete two corporate tax filings to the IRAS annually.

They are the submission of Estimated Chargeable Income (ECI) and Corporate Tax Return (Form C/C-S).

For ECI submission, it should be submitted to the IRAS within three months of the Company's financial year end.

For Form C/C-S submission, it should be completed by 30th November of the year.

Waiver of ECI and/or Form C/C-S submission can be applicable if qualifying conditions are met.