All Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) are required to file annual lodgment including annual returns and annual declarations with ACRA, within a prescribed timeline, under ACRA legislations. The timely filing of annual lodgment is an important statutory requirement as this ensure timely public disclosure of key information such as the health and status of the entity. All companies and LLPs are advised to file annual lodgment on time to avoid incurring late lodgment penalty.
As part of ACRA’s ongoing effort to encourage voluntary compliance, the penalty framework has been revised with effect from 30 April 2021 so that it is simpler for understanding and computation of penalties. There is no change to the current penalty framework for ad hoc filings.
Under the revised penalty framework, all Singapore-incorporated companies, VCCs and LLPs will be imposed with a late lodgment penalty of $300 if the annual return or annual declaration is filed within 3 months after the filing due date, or $600 if the lodgment is filed more than 3 months after the filing due date.
Date: 6 Jan 2021
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