Can I amend my ECI filing after submission?

Yes, any amendment on Estimated Chargeable Income (ECI) after filing is correct, but having said that, one may look at the process and timelines of ECI submission to ensure compliance with the tax regulations.

This could best be summarized as the need to file a return called ECI or Estimated Chargeable Income to the Singapore tax authorities. Next, the ECI indicates a company's chargeable income estimate for a year of assessment and requires that such a return is filed with the tax authorities not later than three months after the conclusion of a company's accounting period. However, there are instances when companies realize the need to amend their ECI returns for certain errors, changes in estimation of income, or due to certain new information that becomes apparent IN the course of the year.

When Can You Amend Your ECI Filing?

You can correct the filing of your ECI even after it has been submitted, provided you find that the information submitted was incomplete or wrong. For example, if you derived your initial ECI from your preliminary figures, which were later revised; or if you missed certain deductions or income in your original filing, you may have to file an amendment. Make the correction as soon as possible to prevent possible penalties and interest charges from any underestimation of your taxable income.

How to Amend Your ECI Filing

ECIs are usually required to be amended through the same portal or system that you used for submitting the original filing. In Singapore, for instance, you need to file the amendment through the Inland Revenue Authority of Singapore (IRAS) portal. You will need to communicate the details of the revised figures, offering an explanation in support of that amendment. If your amendment may be an intricate one or you are in doubt about its implications, it becomes wise to engage a tax professional.

Deadlines and Considerations

While there is no time limit for the revision of an ECI, it would be good practice to revise ECI in advance of the final tax assessment for the year. When the tax authorities have already sent the Notice of Assessment and you realize that there's still a need for you to amend your ECI, then it will be more complicated to revise the same. In addition, frequent revision of the ECI might attract attention to the tax authorities about your business, so one should also reasonably justify the revised ECI.

Short of filing an amendment to the ECI after it is filed, the key will be to do so quickly and accurately so as not to add more complications. An ECI amendment consultation with a tax professional will be able to reassure you that the amendment will be dealt with properly and accurately.