The Business Times
business-time-50

Iras raises penalties for late filing of tax returns

google-preferred-sourceAdd BT as a preferred source
Michelle Zhu

Michelle Zhu

Published Fri, Feb 10, 2023 · 01:47 PM
    • All taxpayers will be required to file their income tax returns before Apr 18 this year to avoid the higher penalties for late filing.
    • All taxpayers will be required to file their income tax returns before Apr 18 this year to avoid the higher penalties for late filing. PHOTO: BT FILE

    EMPLOYERS under the Auto-Inclusion Scheme (AIS) who file their taxes late will now face an increased maximum fine of S$5,000, up from S$1,000 previously, the Inland Revenue Authority of Singapore (Iras) announced on Friday (Feb 10).

    Likewise, individual taxpayers who do not file their tax returns on time will be liable to a fine of up to S$5,000.

    Key personnel of non-compliant businesses, such as company directors or partners, may be subject to a fine of up to S$10,000 or imprisonment for a term of up to 12 months.

    IRASTaxesEmploymentSpotlight

    TRENDING NOW

    Buntono is accused of possessing properties that, in part, represent his benefits from income tax evasion, including a Lamborghini Aventador similar to the one pictured.

    Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering

    Hong Kong youth no longer see a stable job and a lifetime of work as the only life goal – instead, they place greater emphasis on freedom and quality of life.

    Not in education, employment or training: Why more Hong Kong youths are opting out of work

    Vietnam has the highest rate of generative AI usage among the South-east Asian markets surveyed, with 36% of workers saying they used such tools “nearly every day”.

    Vietnam workers keenest on AI in South-east Asia; Singapore employees among most sceptical: survey

    Stash will remain a standalone entity as part of Grab’s business, retaining its current recurring revenue model, services and brand.

    Grab completes US$425 million acquisition of US-based Stash Financial

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More