ECI filing waiver and new, simplified Form C-S for small businesses introduced

5 April 2012

From YA 2012, companies with an annual turnover not exceeding $1mil will no longer need to file their Estimated Chargeable Income (ECI).

Currently, all companies have to report their ECI within three months of the end of their financial year end. Companies without any taxable profits and with no ECI are also required to do so.

The waiver will take effect from YA 2013 for companies with accounting year ending October 2012 or after.

In addition, a simplified Form C-S has been introduced. Companies that electronically file the Form C-S will also enjoy a later e-Filing due date of 15 December, instead of 30 November for paper filing.

Implementation details will be released by IRAS later this year.

Source: IRAS