An estimated Notice of Assessment (NOA) may be raised by IRAS for late filing or non-filing of the ECI.
Companies have to file their ECI within three months from the end of their financial year.
Companies that meet the criteria for waiver of requirement to file ECI are not required to file the ECI.
IRAS may issue an estimated NOA if a company fails to file its ECI as required. The estimated tax may be based on the company’s past years’ income or information available to IRAS.
Companies have one month from the date of the NOA to pay the tax.
A company is required to pay the tax as shown in the NOA even if it has filed an objection and is awaiting the outcome. If the assessment is subsequently revised, any excess payment would be refunded to the company.
If payment is not received by the due date, late payment penalties will be imposed and enforcement actions may be taken to recover overdue taxes.
Please refer to Corporate Tax Payments for the various payment modes available.
If a company disagrees with the estimated tax assessment, it must file an objection to the assessment within two months from the date of the NOA.
In filing the objection, the company must provide the reasons for the late filing of ECI and the revised ECI amount.