Failure to file annual returns and taxes can have serious consequences for businesses. ACRA has updated its penalty framework to include fines for late filing. For missing deadlines, late filing penalties of S$300 and S$600 are imposed. Failure to file annual tax returns may result in a Notice of Assessment (NOA) with increased taxes. The estimated tax must be paid within one month. Failure to comply may result in legal action. Engage our experienced accounting secretary services to make the process easier and less time-consuming.