ACRA – Longer Time for Filing and No Imposition of Filing Penalties!
Due to the closing of the financial year, the ACRA portal has been facing many users. This has led to certain technical issues, which ACRA is trying to resolve. However, the users of the BizFile+ system have been facing a delay in response from the portal due to the lag. To tackle these underlying issues, ACRA is continually working towards updating and enhancing the portal. Till then, ACRA has urged users to avoid using the system during peak hours.
ACRA understands the challenges being faced by business entities and corporate service providers and took them into consideration. This is why the regulatory authority is offering relief in the timeline of filing annual financial statements via the BizFile+ system.
Issues Related to Downtime and Disruption Resolved?
The ACRA portal has been suffering from several technical issues wherein the system slows down and doesn’t respond. These issues are a result of the high traffic of BizFile+ users trying to upload or submit their annual financial statements to ACRA. ACRA is working expeditiously to resolve these issues. Until then, it has offered some relief and no imposition of penalties for all users. Let’s take a look at what these reliefs are.
Reliefs Offered to Singapore-Based Companies by ACRA
● Business entities imposed with due dates of filing annual returns from 8th September 2020 to 31st October 2020 can now submit their financials up to 30th November 2020 with no late filing penalties being levied.
● Companies looking to alter information related to the entity or personal particulars of the directors, with due dates from 8th September 2020 onwards, can now file such changes up to 30th November 2020, with no late fees imposition or penalty.
● The RORC (Update Register of Registrable Controllers) transaction in the BizFile+ has been suspended until December 2020. This means that the submission deadline for annual returns for the Companies and Limited Liability Partnerships has been extended to 31st March 2021.
Is Your Company Eligible?
If your company is based in Singapore or is liable to submit annual returns to ARCA, it is eligible for the aforementioned reliefs and extensions. For further information or assistance, you can reach out to your XBRL service provider or visit the ACRA website.
Staying updated and complying with revised requirements from ACRA is crucial. DataTracks, a global leader in XBRL solutions, can help you remain abreast of such changes. By updating and assisting the BizFile+ users, DataTracks helps comply with ACRA regulations. DataTracks is continually helping its customers in XBRL conversion of financial statements for ACRA submission, even during this downtime. Leverage our expertise to comply with the latest filing requirements from ACRA.
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