{"id":1489,"date":"2022-01-15T11:21:36","date_gmt":"2022-01-15T03:21:36","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=1489"},"modified":"2022-05-11T11:59:29","modified_gmt":"2022-05-11T03:59:29","slug":"new-penalties-for-late-filing-of-annual-returns-from-14-january-2022","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/new-penalties-for-late-filing-of-annual-returns-from-14-january-2022\/","title":{"rendered":"New penalties for late filing of annual returns from 14 January 2022"},"content":{"rendered":"\t\t
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With effect from 14 January 2022, penalties for late filing of annual statutory lodgments by Local Companies, Variable Capital Companies<\/a> (VCCs), and Limited Liability Partnerships (LLPs) will go up to S$600 if filed more than 3 months after the due date. If late filing falls within 3 months of the due date, the penalty will be S$300.<\/p>\n\n

The new rules apply to all annual lodgments due on or after 14 January 2022. For annual lodgment due before then, the previous penalty framework of S$300 for late filing continues to apply. For fuller details, see the table below.<\/p>\n\n

It is mandatory for every company to file its Annual Return (AR), including dormant companies. Before filing AR, companies may need to send their financial statements<\/a> (FS) to members before their Annual General Meeting (AGM). Some companies may need to file their AR with their FS in XBRL format<\/a>.<\/p>\n\n

Companies that require more time can apply to ACRA for an extension of time of 60 days to file the annual return and up to 2 months for a foreign company. The application must be submitted before the deadline of annual filing (you are advised to submit more than 14 working days before the deadline) and a fee of S$200 is applicable.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Company directors are responsible for ensuring that their companies meet obligations to file their AR on time<\/a>. Failure to do so may result in court prosecution of the company and its directors. In addition, directors who are convicted of three or more filing-related offenses under the Companies Act within a period of five years will be disqualified as a director. ACRA may also initiate striking off of companies for not filing its AR.<\/p>\n\n

For all ad hoc filings by companies, such as a change in entity information, the existing penalty framework will continue to apply for late filing of such lodgments., For ad hoc filings by VCCs, a 2-tier penalty framework will apply for all late filings, with effect from 14 January 2022.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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To ensure compliance with the preparation of financial statements and filing obligations under the Companies Act, directors may engage companies providing corporate secretarial<\/a> and accounting services in Singapore<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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With effect from 14 January 2022… <\/p>\n","protected":false},"author":10,"featured_media":1523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=1489"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/1523"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=1489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=1489"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=1489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}