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Epica FAQ Series

What happens when my company fails to comply with the requirements of IRAS (Inland Revenue Authority of Singapore)?

IRAS Compliance

What happens when my company fails to comply with the requirements of IRAS (Inland Revenue Authority of Singapore)?

In case a company fails to comply with the requirements of IRAS (Inland Revenue Authority of Singapore), it may face a penalty or court prosecution by IRAS. In some cases, violators may be required to pay a penalty amount of around S$1000 with owed taxes.

In case the tax is not paid within the time (one month from Notice of Assessment or NOA), a 5% penalty is imposed. Every month the penalty gets increased by 1% up to 12% of tax outstanding. If the tax remains unpaid, IRAS appoints an agent to recover the taxes or take out court proceedings against you.

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