BizLeaders Asia

Penalties for Submitting Incorrect Returns


Whilst most companies are voluntaril­y compliant, IRAS will take enforcemen­t actions on companies that are not compliant.

Companies that submit incorrect returns may face a penalty of up to two times the amount of tax undercharg­ed. A fine of up to $5,000 or an imprisonme­nt term of up to three years may also be imposed. ❖ This article has been prepared for general informatio­nal purposes only and is not intended to be relied upon as profession­al advice. Please consult with profession­als in each area of accounting, tax or others for specific advice. tncsgcs@korchina.comㅣ+65 6542 2309

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