The growing number of tax liable business entities in Singapore has prompted the corporate service firms of the country to focus on ECI filing services, says Singapore’s taxation expert, SBS Consulting.
Singapore -- (SBWIRE) -- 11/01/2013 -- The growing number of tax liable business entities in Singapore has prompted the corporate service firms of the country to focus on ECI filing services, says Singapore’s taxation expert, SBS Consulting.
Singapore Estimated Chargeable Income or commonly referred to as ECI Singapore is the estimate of a company’s taxable income for a given Year of Assessment (YA). According to the Inland Revenue Authority of Singapore (IRAS), all the companies of Singapore must file ECI irrespective of their estimated taxable income to pay corporate income tax Singapore.
However, as per the administrative concession scheme, with effect from YA 2013, the companies whose financial year ends in October 2012 or after, need not file an ECI for a given YA if their annual revenue is less than S$1 million for a financial year; and if their Estimated chargeable income Singapore is zero or nil.
“We have always kept ourselves abreast with the latest developments and demands of the market and have therefore added ECI filing services to the ambit of our Singapore taxation solutions,” said SBS Consulting.
SBS Consulting also recognized the fact that Singapore’s status as a world business hub has prompted the government authorities to be even more stringent in their application of laws and regulations. Hence, IRAS has also tightened its noose around the Singapore business firms by making the ECI filing process stricter.
SBS Consulting maintains that despite the number of schemes introduced by IRAS in order to ease the tax burden of companies in Singapore, it is difficult for companies to keep track of all the developments of IRAS and therefore may end up not complying with the tax authority of the country. It says that the best foot forward for a Singapore business is to outsource its taxation needs in order to free itself from the tax compliance complexities.
The firm offers Singapore taxation services to the enterprises of the country which include the calculation of Singapore ECI and ECI filing services. It has gained the reputation over the years as a perfect taxation partner in Singapore.
About SBS Consulting
SBS Consulting is a Singapore taxation specialist that was incorporated in 2010 with the vision of providing high quality taxation services to its clients in Singapore. The services of the firm in relation to ECI include determining the financial years of your company, preparation and filing of the ECI, generation of the access code for filing ECI online.
Apart from the ECI services, SBS Consulting also offers services including Singapore company registration, bookkeeping accounting services, auditing, payroll and immigration visa services.
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142
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