As announced in Budget 2016, companies are required to e-File their Corporate Income Tax returns (including Estimated Chargeable Income (ECI), Form C and Form C-S) in a phased approach from Year of Assessments (YAs) 2018 to 2020.
From YA 2020 onward, all companies are required to e-File their ECI. The following steps need to be followed:
Step 1: Before e-Filing, it must be ensured:
- the taxpayers have been authorised by the company as an “approver” to Corporate Tax (Filling and Applications) in CorpPass; and
- the taxpayers have the company’s tax reference number, their CorpPass ID and password.
Step 2: e-File via mytax.iras.gov.sg
For more information, please visit the IRAS website for the following guides:
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- User Guide – e-File Estimated Chargeable Income (Company)
- User Guide – e-File Estimated Chargeable Income (Tax Agent)
- Explanatory Notes for ECI for YA 2020
- • User Guide — e-File Estimated Chargeable Income (Company)
- • User Guide — e-File Estimated Chargeable Income (Tax Agent).
Companies that e-File their ECI enjoy instant acknowledgement upon successful e-Filing.
Only companies that are on GIRO qualify for instalment payment. For Companies that do not have an existing GIRO arrangement may apply for GIRO at least 3 weeks before e-Filing their ECI.
For YA 2019, companies will be granted a CIT tax rebate of 20% of the corporate tax payable, subject to a cap of $10,000.
Companies are not required to factor in the CIT rebate when filing their ECI for YA 2019 as IRAS will compute and allow the rebate automatically.
Source: IRAS website, 29 July 2019