With effect from 14 Jan 2022, there will be higher penalties for late filing of the annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs).

Under the 2-tier penalty framework, first announced in Dec 2020, the penalty for late filing of the annual lodgments will be $300 within the first 3 months after the due date or $600 if the lodgment is filed more than 3 months after the filing due date. This applies to annual lodgments that are due on or after 14 Jan 2022. For annual lodgments due before 14 Jan 2022, the existing penalty framework continues to apply.

The Accounting and Corporate Regulatary Authority (ACRA) encourage all entities to file their annual lodgments on time to avoid incurring the higher penalty.

Singapore-incorporated companies and VCCs are required to file Annual Returns (AR) within 5 or 7 months after financial year-end for listed and non-listed companies respectively. LLPs are required to file Annual Declarations (AD) within 15 months of registration and subsequently, once in every calendar year within 15 months of the last lodgment.

Please refer to the table below:

Penalty for late ad hoc filings

For all ad hoc filings for companies, LLPs and businesses such as change in entity information or personal particulars of the officers or business owners, the existing penalty framework will continue to apply for late filing of such lodgments.

For ad hoc filings by VCCs, the 2-tier penalty framework will apply for all late filings with effect from 14 Jan 2022.

Please refer to the table below:

Any penalty payable will be reflected and imposed at the point of lodgment via BizFile+ and VCC portals.

Source: ACRA