File On-Time to Avoid Penalties for Late Filing
Companies that fail to file on time may receive a Notice of Assess ment(NOA) based on IRAS’ estimation of their income. Tax must be paid within one month from the date of the NOA.
IRAS will review the estimated assessment upon receiving the tax returns if the companies object to the estimated assessments.
Companies that fail to file their tax returns for a particular YA for two years or more may face a penalty of double the tax assessed and a fine of up to $1,000.
In default of payment, an imprisonment term of up to six months may be imposed.