Singapore’s Accounting and Corporate Regulatory Authority (ACRA) announced on 30 April that it had placed the implementation of a simplified two-tier penalty framework for late filing by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) on hold to allow more time for transition.
The current penalty framework will therefore continue to apply for late filing of annual returns and annual declarations: all Singapore-incorporated companies and VCCs will be levied with late lodgement penalties of S$300; foreign companies and LLPs will be levied with late lodgement penalties via an eight-tier penalty framework ranging from S$50 to S$350.
The new framework was introduced by ACRA on 30 December 2020 as part of ongoing efforts to make compliance simple and to encourage companies and LLPs to take their statutory obligations on annual reporting seriously. It was due to take effect from 30 April.
Under the revised penalty framework, all Singapore-incorporated companies, VCCs and LLPs will be levied with a late lodgement penalty of S$300 if the annual return or annual declaration is filed within three months after the filing due date, or S$600 if the lodgement is filed more than three months after the filing due date.