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Iras raises penalties for late filing of tax returns

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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

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    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.

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