Wednesday, February 22, 2012

E-Filing of ECI (Estimated Chargeable Income)

IRAS required me to file the ECI within 3 months of the close of the financial year. I had first to finalize my financial accounts. I approached a few accounting firms, but they are too busy handling too many accounts and their charges are quite high (for a small company). But I am not complaining, as they do have to spend a lot of time with troublesome requirements and filing procedures.

As my accounts are ready, I logged in to MyTaxPortal in the IRAS website. This is not easy for a newbie, but having file my GST returns for the past year, I became quite familiar with the complicated process.

Finding the ECI form was quite a hassle. There must be over 100 forms in the IRA website and they are hidden under different layers of links.

With some trouble, I found the ECI form and saw the webpage (see below). I was asked some difficult questions, such as "does your company qualify for tax exemption" and "what is your tax rate? I was confused with the two columns for 17% and 10%. These are matters that IRAS can check from their records, but they expect the public to know.

Anyway, I managed to file the ECI form. It is useful for IRAS but an added burden to a small business (and this is one of many burdens).

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