Iras raises penalties for late filing of tax returns

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.