📘 REV-02 — ESTIMATED CHARGEABLE INCOME (ECI) SUBMISSION

Provisional Tax Estimation

1. Overview

REV-02 — Estimated Chargeable Income (ECI) Submission is used to declare a company’s estimated taxable income to the Ministry of Finance and Economy (MOFE), Revenue Division, for a financial year.

The ECI allows MOFE to determine provisional tax installments payable by the company.

2. Legal Requirement

Under the Income Tax Act (Cap. 35):

• Companies are required to submit estimated chargeable income within stipulated timelines
• The estimation must be reasonable and supported by projections
• MOFE uses ECI to determine installment-based tax payments

Failure to submit or inaccurate estimation may result in penalties or reassessment.

3. Scope of Services

We assist clients with:

• Review of projected revenue and expenses
• Preparation of estimated chargeable income calculation
• Completion of ECI submission form
• Verification of management projections
• Online submission via MOFE Portal
• Follow-up on installment schedule issued by MOFE

4. ECI Submission Process

Projection Review

Review of projected revenue and expense estimates

ECI Calculation

Preparation of estimated chargeable income

Form Preparation

Completion of ECI submission form

Online Submission

Submit via MOFE Portal → ECI Submission

MOFE Review

MOFE issues provisional tax installment schedule

5. Estimated Timeline

• companies are required to submit their Estimated Chargeable Income (ECI) within three (3) months from the end of the company’s financial year, in accordance with the stipulated timeline.
• MOFE installment schedule issued after submission

6. Documents Required

• Projected revenue
• Projected expenses
• Estimated chargeable income form
• Supporting management projections

7. Frequently Asked Questions (FAQ)

Q1: What is REV-02 used for?
REV-02 is used to submit Estimated Chargeable Income (ECI) for provisional tax purposes.

Q2: Why is ECI submission required?
To enable MOFE to determine tax installment payments.

Q3: Who must submit ECI?
Companies subject to corporate income tax.

Q4: Is ECI the same as the final tax return?
No. ECI is provisional and differs from the final ITR.

Q5: How is ECI submitted?
Through the MOFE Portal.

Q6: Can ECI be revised later?
Revisions may be allowed subject to MOFE rules.

Q7: Are penalties applicable for non-submission?
Yes.Not filing ECI in Brunei may lead to an estimated tax assessment by authorities (potentially higher), plus penalties on unpaid tax: 5% immediately, then +1% per month (max extra 12%)

Q8: Does ECI determine the final tax payable?
No. Final tax is determined after ITR assessment.

Q9: Is physical presence required for submission?
No. Submission can be completed remotely.

Q10: What records should be kept?
Keep the ECI acknowledgment and installment schedule.

8. Final Stage / Follow-up

• MOFE issues tax installment schedule
• Monitor installment payment deadlines
• Retain ECI acknowledgment for records