The 2-tier penalty framework applies to the filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). It was announced on the 30th of December 2020 and takes effect on the 30th of April 2021. Under this 2-tier penalty framework, Singapore-incorporated companies, VCCs and LLPs would incur a late lodgment penalty of $300 if the annual return or annual declaration is filed within 3 months after the filing due date, or $600 if the lodgment is filed more than 3 months after the filing due date.
No change to the existing late lodgement penalty for foreign companies.
UPDATE: On the 30th of April 2021, it was announced that this 2-tier penalty framework was put on hold to allow more time for transition.
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When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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