10 March 2017
On 7 March 2017, the Second Minister for Finance, Mr Lawrence Wong announced changes to the criteria for the Estimated Chargeable Income (ECI) waiver to ease the tax filing process.
Following the revision to the annual revenue threshold, companies with financial years ending on or after July 2017 will no longer need to file their ECIs if their annual revenues do not exceed S$5mil for the financial year, and if their ECIs are nil for the Year of Assessment (YA).
For companies with financial years ending June 2017 and before, the criteria for the ECI waiver remain unchanged i.e. annual revenue being not more than S$1mil for the financial year, and a nil ECI for the YA.
For further details, please refer to the IRAS website.