TaxSavvySG

Revising ECI

Our profit was higher than ECI. Revise?

The situation

Companies can revise ECI before the assessment is finalised.

The law

  • Income Tax Act 1947: Estimated Chargeable Income: ECI filed within 3 months after financial year end; waiver if revenue up to S$5 million and ECI nil

What it means for you

Revising avoids surprises. The final tax follows the return. Check IRAS on how to revise. If actual profit is much higher, IRAS's notice of assessment will show the difference, and instalments may change. Revising early keeps cash flow predictable.

What to do

  1. Compute new ECI.
  2. File revision.
  3. Adjust GIRO.
  4. File return.

We can do this for youEstimated Chargeable Income (ECI) filing: SGD 200

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