Income Tax (Filing of Estimates of Chargeable Income) Rules 2017

These Rules are the Income Tax (Filing of Estimates of Chargeable Income) Rules 2017.(2) Rules 2, 4 and 5 are deemed to have come into operation on 29 December 2016.(3) Rules 3 and 6 come into operation on 21 July 2017.

In these Rules, the revenue of a company or a partnership in a year of assessment is the gross amount of its income derived from its principal activities in the accounting period relating to that year of assessment.

Every company belonging to the class of companies specified in the first column of the following table must furnish the estimate of the company’s chargeable income using the electronic service in the year or years of assessment specified opposite in the table:First column Second column1.Companies with revenue of more than $10 million in year of assessment 2017 20182.Companies with revenue of more than $1 million in year of assessment 2018 20193.All companies 2020 and subsequent years of assessment.

A company is exempt from section 63(1) of the Act in respect of a year of assessment if —

An insurer is exempt from section 63(1AAA) of the Act in respect of a year of assessment if —

A person is exempt from furnishing an estimate of income and other information in relation to a partnership for a year of assessment under section 71(3) of the Act, if —

The Income Tax (Electronic Filing of Estimates of Chargeable Income) Rules 2017 (G.N. No. S 135/2017) are revoked.