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What you need to know about Finance

Do reach out to us on our 'Contact' section to get more detailed information and assistance. We offer a competitive price of service exclusively for you.

XBRL

  1. XBRL (eXtensible Business Reporting Language) is used for electronic communication of business and financial data globally, part of the XML language family.

  2. Managed by an international consortium of over 600 companies, organizations, and government agencies.

  3. XBLR provides major benefits include cost savings, greater efficiency, and improved accuracy and reliability in financial data analysis and communication.

  4. It allows for multilingual labeling, accounting references, and other subsidiary information.

  5. Additionally, it is easily adaptable for various special requirements by companies and organizations.

  6. More information available on XBRL International.

Estimated Chargeable Income (ECI) Filing

  1. ECI (Estimated Chargeable Income) is an estimate of a company's taxable profits, minus tax-allowable expenses, for a Year of Assessment (YA).

  2. Learn about taxable income and tax-allowable expenses from the Inland Revenue Authority of Singapore (IRAS).

  3. Singaporean companies must file ECI within 3 months of their financial year-end, unless exempted or not required to file.

  4. IRAS provides further information on ECI requirements, a guide to filing, and how to revise ECI after submission on their website, alternatively you can also reach out to us for advice.

Chargeable Income (CI)

  1. While the ECI is an estimate of your projected income, a company still has to declare your company’s final taxable income, referred to as your Chargeable Income (CI).

  2. All companies, regardless of profit or loss, must file Form C/C-S/C-S (Lite) for actual income.

  3. A company should assess its annual revenue to determine the appropriate tax form to file, as different forms may apply based on revenue size.

    • Form C-S: For companies with annual revenue up to $5 million, incorporated in Singapore.

    • Form C-S (Lite): For companies qualifying for Form C-S with annual revenue up to $200,000, incorporated in Singapore.

    • Form C: For companies not meeting Form C-S requirements.

  4. Further information on Form C-S/C-S (Lite)/Form C filing and submission available from IRAS, or contact us for assistance.

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