Year of Assessment
|
Statutory filing deadline
|
---|---|
2008
|
30 Nov 2008
|
2009 and thereafter
|
31 Oct of each year
|
Year of Assessment
|
Statutory filing deadline
|
---|---|
2008
|
15 April 2008
|
A company needs to furnish Estimated Chargeable Income (ECI) within three months from the end of its financial year.
For example:
Financial year-end
|
Due date for filing ECI
|
Period covered in the accounts
|
Year of Assessment (YA)
|
Due date for filing ECI for that particular YA
|
---|---|---|---|---|
31 Dec
|
31 Mar of the following year
|
1 Jan 2007 to 31 Dec 2007
|
2008
|
31 Mar 2008
|
31 Mar
|
30 Jun
|
1 Apr 2007 to 31 Mar 2008
|
2009
|
30 Jun2008
|
If you furnish your companys ECI within the qualifying period, you can pay your tax in instalments. The earlier you furnish your ECI, the higher is the number of instalments you get.
To encourage e-Filing, with effect from YA 2008, the number of instalments given to those who file ECI electronically is more than that given to those who file ECI using paper ECI Forms.
If your company does not furnish ECI within three months from the end of its financial year, the IRAS may issue a Notice of Assessment (NOA) based on estimated income of your Singapore company.
If you do not agree with the estimated assessment, you must object in writing within 30 days from the date of the NOA. Otherwise, the estimated assessment will be treated as final, even if the actual income based on your Form C and accounts submitted subsequently is lower than the estimates of the IRAS. This means the IRAS will not amend your estimated assessment based on your Form C and accounts since there is no valid objection to the estimated assessment within the stipulated time.
Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |