}

20 December 2021

On 25 November 2021, the Accounting and Corporate Regulatory Authority (“ACRA”) announced that with effect from 14 January 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”). In addition, a two-tier penalty framework will apply to VCCs for all ad hoc late filings with effect from 14 January 2022.

Penalty for late filing of annual lodgments

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

Details of the penalties for late filing of annual lodgments are as follows:

Entity type

Filing due on or after
14 January 2022

Filing due before
14 January 2022

Local companies

(i) S$300 within the first
3 months after filing due date; or (ii) S$600 after the
3 months.

Flat rate of S$300

VCCs

Foreign companies

8-tier penalties ranging from S$50 - S$350

LLPs


Singapore-incorporated companies and VCCs are required to file annual returns within five or seven months after financial year-end for listed and non-listed companies respectively. LLPs are required to file annual declarations within 15 months of registration and subsequently, once in every calendar year within 15 months of the last lodgment.

Penalty for late ad hoc filings

For ad hoc filings by VCCs, a two-tier penalty framework will apply for all late filings with effect from 14 January 2022.

For all ad hoc filings for companies, LLPs and businesses, the existing penalty framework will continue to apply for late filing.

Details of the penalties for late ad hoc filings are as follows:

Entity type

Filing due on or after 14 January 2022

Filing due before
14 January 2022

Local companies
Foreign companies
LLPs
Limited partnerships

8-tier penalties ranging from S$50 to S$350

Businesses (sole proprietorships and partnerships)

8-tier penalties ranging from S$10 to S$250

VCCs

(i) S$50 within the first
3 months after filing due date; or (ii) S$200 after the 3 months.

8-tier penalties ranging from S$50
to S$350


Ad hoc filings include filings for change in entity information or the personal particulars of officers or business owners.

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

Reference materials

The announcement is available on the ACRA website www.acra.gov.sg.