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. email@example.comㅣ+65 6542 2309