Singapore to simplify their penalty framework for late annual fillings effective 30 April 2021

The Accounting and Corporate Regulatory Authority (ACRA) is due to implement a revised penalty framework for late annual lodgements with a simplified 2-tier penalty, to take effect from 30 April 2021.

Currently, Singapore incorporated companies and Variable Capital Companies (VCC) that file late annual returns and declarations must pay a late lodgement fee of a flat rate of SG$300. For foreign companies and Limited Liability Partnerships (LLP), there is an 8-tier range of penalties from SG$50 to SG$350.

Under the revised penalty framework, all  Singapore incorporated companies, VCCs and LLPs will be imposed with a late lodgment penalty of SG$300 if the annual return or annual declaration is filed  within 3 months after the filing due date, or SG$600 if the lodgment is filed more than 3 months after the filing due date.

For more information on annual filings in Singapore, contact Alpadis Group