Updates: Implementation of 2-tier Penalty Framework for Annual Lodgment (ACRA)

ACRA’s 2-tier penalty framework for the late filing of annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) will take effect from 14 January 2022.

First announced in December 2020, the 2-tier penalty framework was put on hold in April 2021 to provide businesses with more time for transition. All entities should ensure they comply with the statutory and filing timelines to avoid incurring penalties. 

For late ad hoc filings, the existing 8-tier penalty framework (ranging from $50 to $350) will apply to companies, LLPs and businesses, while the new 2-tier penalty framework will apply for VCCs.

Source: ACRA