Penalty for late filing beyond 3 months increases to SGD600 from 14 Jan 2022
Under the new 2-tier penalty framework, the penalty for late filing of the annual lodgments will be SG300 within the first 3 months after the due date or SGD600 if the lodgment is filed more than three months after the filing due date.
The new 2-tier penalty framework applies to annual lodgments (see below), and for ad hoc filings by Variable Capital Companies (VCCs).
So which entities must file annual lodgments?
The following types of entities have annual statutory lodgment obligations:
- Annual Returns by local companies under s197 of the Companies Act
- Annual Filing of Financial statement by foreign companies under s373 of the Companies Act
- Annual Declaration by Limited Liability Partnerships (LLP) under s24 of the LLP Act
- Annual Returns by Variable Capital Companies (VCC) under s97 of the VCC Act.
Clients are reminded to pay attention to their annual filing deadlines and related reminders from their Company Secretary. Should you have any queries about the new penalty framework or your ongoing obligations, please contact your usual Marbury adviser or email@example.com.