ECI is also known as the Estimated Chargeable Income. In Singapore, companies are mandated to file the ECI with the Inland Revenue Authority of Singapore (IRAS) within 3 months following the end of their financial year. The ECI statement must reflect the core source of the company’s income. If a company doesn’t have chargeable income or zero income, they should still file ‘Zero’ or ‘Nil’, unless exempted under administrative concessions that came into effect from YA 2013.
After the submission of ECI form, a Notice of Assessment or NOA will be received by your business via post. The NOA reflects the tax to be paid and this must be secured 1 month from the date of NOA.
Companies can e-file or paper-file their ECI statement. However, as required by the government, all companies need to only e-file their corporate tax return by 2020.
A company must be able to assess if there is a need to file for ECI or if they qualify for ECI filing waiver.
We understand that most businesses in Singapore (both local or foreign) need tax-related services whether consultancy, preparing and computing of ECI, or tax submission and filing to IRAS. No matter what your business requires, Aura Partners Singapore will be able to deliver.