The Inland Revenue Authority of Singapore (IRAS) has issued a formal reminder to all incorporated entities regarding the compulsory filing of Year of Assessment (YA) 2024 Corporate Income Tax Returns. The submission deadline is 30 November 2024, with no exceptions for dormant companies or those reporting losses.
Key Compliance Requirements & Penalties
- Universal Filing Obligation: All registered companies, including non-operational entities and those incurring net losses, must file Form C/Form C-S by the deadline.
- Late Filing Composition Offers: IRAS may issue composition fines (based on past compliance history) instead of immediate prosecution for initial late filings. Companies receiving such notices must:
- Pay the composition amount promptly.
- File all overdue returns immediately.
- Failure to comply triggers a “Notice to Attend Court.”
- Severe Penalties for Chronic Non-Compliance: Companies failing to file returns for two or more consecutive years face:
- A penalty of twice the amount of tax assessed.
- An additional fine of up to $5,000.
- Director Liability & Enforcement:
- Directors of non-compliant companies will receive notices demanding the company’s financial information by a stipulated date.
- Non-compliance by directors attracts penalties of up to $10,000 or a court summons.
- Directors failing to attend court may be subject to arrest warrants.
- Enforcement Statistics (2023):
- 1,690 court summons issued to non-compliant directors.
- Over 4,700 companies prosecuted for late/non-filing.
- Total penalties levied exceeded $4.9 million.
Corporate entities must ensure their YA 2024 tax returns are filed accurately and submitted via the IRAS myTax Portal by 30 November 2024. Directors are advised to proactively ensure their company meets this obligation to avoid significant financial penalties and legal action.
Source: IRAS, 26 September 2024.