On Sep. 26, SIN Tax issued a reminder on corporate income tax filing.
SIN Tax reminded companies to file corporate income tax (CIT) returns by due date.
Companies not filing CIT returns by due date can be fined up to SGD 5k, errant companies failing to file for 2+ years may face penalty twice amount of tax assessed.
Follows SIN Tax Jul. 2024 updated filing forms for year of assessment 2024, #217914.
Enforcement Actions
SIN Tax may compound offense or take prosecution actions, companies receiving a composition letter must pay amount and file overdue return or otherwise attend court.
SIN Tax may also issue request notices to company directors for financial information.
Directors failing to furnish information face penalties up to SGD 10k, court attendance.
Non-attendance may further result in a warrant of arrest issued against the director.
Effectiveness
Companies must file their YA 2024 CIT returns by the statutory due date of Nov. 30.
Extended deadline of Dec. 15 for companies using software with seamless filing, while qualifying companies with annual revenue ≤SGD 200k can file simpler Form C-S (Lite).
