Revised ACRA Penalty Framework For Annual Lodgements
With effect from 30 April 2021, ACRA will implement a 2-tier penalty framework for filing of annual return and annual declaration for all companies (including VCC) and limited liability partnerships (“LLPs”) as below:
This is part of ACRA’s ongoing efforts to make compliance simple and to encourage companies and LLPs to take their statutory obligations on annual reporting seriously. There is no change to the current penalty framework for ad hoc filings.
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