E-filing Your Company’s Estimated Chargeable Income (ECI) to IRAS
When it comes to the process of paying your company’s taxes, Estimated Chargeable Income (ECI) is the first and foremost matter to take note of.
Estimated Chargeable Income, or ECI in short abbreviation, is an estimated calculation of your company’s taxable income, and essentially equivalent to paying your corporate tax in advance.
The deadline for ECI e-filing is within 3 month from your company’s Financial Year End (FYE). For example, if your company’s FYE is on 31st December 2020, the ECI for YA 2021 must be submitted by 30th March 2021.
If you file your ECI early, you may be eligible to pay your taxes in GIRO instalments. Singapore companies can enjoy up to 10 interest-free monthly instalments when they e-file their ECI on time.
Getting Your Tax Notice
After IRAS has processed your company’s ECI, you will receive a Notice of Assessment (NOA) that states the amount of tax to be paid. The full amount of tax stated must be paid within one month from the date of the NOA, unless you are paying via GIRO instalment.
Paying Your Company’s Tax (After receiving NOA)
Generally, there are two main methods to pay your taxes, Payment via GIRO or Payment via other Electronic Modes.
1. Payment via GIRO [Most popular]
Unlike the other payment methods, companies who opt to pay for their taxes by GIRO will be offered payment schedules through instalments. To be eligible for instalment plan, your company must be Singapore-registered and have an existing GIRO arrangement for Corporate Tax. If you do not have an existing GIRO arrangement, we recommend setting up your GIRO arrangements at least 3 weeks before e-filing of ECI. You may sign up for GIRO by completing an application form here.
1.1 GIRO Instalment Plan
|First ECI e-Filed Within||No. of Instalments Given|
|1 Month from FYE||10|
|2 Months from FYE||8|
|3 Months from FYE||6|
|After 3 Months from FYE||No instalments allowed|
2. Payment via other Electronic Modes
You can also make your tax payment via:
2.1 PayNow (QR Code)
New payment method via scanning PayNow QR Code.
2.2 Internet Banking Bill Payment
Made available by the following banks:
DBS/POSB, HSBC, OCBC, Standard Chartered Bank, UOB.
To make payment via Internet Banking:
- Log in to your bank’s Internet Banking Portal.
- Select the “Bill Payment” option and select “IRAS” as the Billing Organisation.
- For Corporate Tax, select “IRAS-OTHERS” and enter the 14-Digit Payment Slip Number under Bill Reference/ Bill Account/ Consumer Reference Number field.
- Enter the amount you wish to pay. This amount is subject to the daily Internet Banking payment limit set by your bank.
2.3 DBS PayLah! (Mobile App)
Available for DBS account holders who have downloaded the DBS Paylah! Mobile App.
To make payment via DBS PayLah! Mobile App:
- Log in to the DBS PayLah! App.
- Enter your Payment Slip Number.
- Enter the amount you wish to pay. This amount is subject to the daily transfer limit set by your bank.
2.4 Phone Banking
Available for UOB account holders who have subscribed to this service.
To make payment via Phone Banking:
- Dial a designated telephone number provided by your bank, and through a selection of codes, make your tax payment.
- The amount of payment you can make via Phone Banking service is subject to the daily payment limit determined by your bank.
Only available over the counter at Singapore Post branches.
You can make payment by NETS and Cash Card over the counter at any post office, or by cash at the following post office:
- Jurong Point
- Tampines Central
- Toa Payoh Central
- Woodlands Central
2.6 Internet Banking Fund Transfer
You can also make your payment via Internet Banking Fund Transfer. Please indicate the Tax Reference Number or 14-digit Payment Slip Number for the respective tax types when making your tax payment.
2.7 AXS Station / Web / Mobile Application
You can pay your taxes online now at AXS Platform through myTax Portal, AXS website or AXS mobile application.
2.8 SAM Kiosk / Web / Mobile Application
You may also pay your taxes at any 24-hour SAM Kiosk and only NETs cards with DBS/POSB, OCBC, Standard Chartered Bank and UOB will be accepted for this payment method.
To make payment via SAM Kiosk:
- Scan the barcode located at the bottom of your Payment slip or entering the Payment Slip Number.
- Enter the amount you wish to pay. The amount deducted is subject to the daily payment limit set by your bank.
Alternatively, you can also pay your taxes online via SAM Web at SingPost website or SAM Mobile application.
2.9 Telegraphic Transfer
Only for payments from overseas where the payment modes listed above are not applicable.
If you are not in Singapore or only maintain an overseas bank account, IRAS may accept payment by Telegraphic Transfer (TT).
Filing Your Corporate Income Tax (Form C/C-S)
Last but not least, Corporate Income Tax (Form C/C-S) is a report of your company’s actual taxable income, and differs from ECI, which is an estimate of your company’s taxable income.
From YA 2020 onwards, e-filing of Corporate Income Tax is mandatory for all companies and must be submitted to IRAS through myTax Portal by 30th November annually.
If there are any discrepancies between your ECI calculation and Form C/C-S tax payable amount, IRAS will either refund you (in case of overpayment) or send you a notice of payment (In case of underpayment).
This generally summarised the available options and the process of paying corporate taxes. If you have any questions or need help with your tax computation and filings, please feel free to reach out to us and we’d be happy to assist.