2024 Compliance Countdown: Beat the Clock with ACRA Deadlines

It’s 2024, deadlines are looming, and the ACRA is knocking at your door. Fear not, for we have got you covered! The clock is ticking, but the deadlines vary based on your company type. Remember, staying compliant is crucial for your business. 

Keeping up with your legal commitments requires you to meet certain corporate deadlines. We’ve created a brief checklist of compliance deadlines to help busy business owners navigate their obligations. 

2024 Corporate Compliance Deadlines in Singapore:

Respecting deadlines is crucial since there can be severe consequences for not following regulations. The following are Singaporean corporations’ primary deadlines for corporate compliance:

Organizing Annual General Meeting (AGM): 

Unless otherwise excluded, companies must schedule the Annual General Meeting with shareholders no later than six months following the Financial Year End (FYE). If private companies provide their shareholders with their financial accounts within five months after the FYE, they may be excused from holding AGMs. 

File Annual Returns with ACRA: 

Singapore-incorporated businesses must submit annual returns to the Accounting and Corporate Regulatory Authority (ACRA) for their updated company information to be entered into ACRA’s registry. Non-listed corporations’ filing date is seven months following the fiscal year-end. It is within five months of the listed company’s FYE.

Financial Statement Preparation: 

All Singaporean companies are mandated to prepare their annual financial statements within six months following the Financial Year End (FYE) or before the Annual General Meeting (AGM) date, whichever is earlier. These financial statements must adhere to the Singapore Financial Reporting Standards (SFRS), ensuring consistency, transparency, and integrity in financial reporting across businesses in Singapore.

In addition to these requirements, certain companies are also subject to the XBRL (eXtensible Business Reporting Language) filing requirements with ACRA. XBRL is a global framework for financial reporting, aimed at making the analysis and exchange of corporate financial information more efficient and reliable.

Companies required to file in XBRL format must submit their financial statements in this format to ACRA, facilitating easier sharing and analysis of financial data. This requirement underscores Singapore’s commitment to enhancing the transparency and comparability of financial information across the corporate landscape.

Singapore’s 2024 Tax Compliance Deadlines

Meeting tax compliance dates is essential for Singaporean businesses to fulfil their financial commitments. The important filing deadlines are as follows: 

Filing of Estimated Chargeable Income (ECI) Within 3 months from the Fiscal Year End or FYE
Submit Corporate Tax Return By 30 November every year.
Submit Goods and Services Tax (GST) Returns Within a month of the end of the quarter-long accounting period the return covers


Typical Penalties for Failure to Comply

Penalties for breaking statutory commitments can take several forms. For Singaporean businesses to avoid financial repercussions, they must comprehend these fines. The following are typical sanctions for non-compliance:

Late Filing of Annual Returns with ACRA:

If an annual return is filed more than three months after the due date, there is a penalty of S$600. The penalty for filing an annual return after the due date is S$300.

Click here for: Deadline extension for submitting annual returns

Late Tax Return Submission to IRAS:

If tax returns are not filed on time, an estimated Notice of Assessment (NOA) may be issued, which must be paid within 30 days. In the event of non-compliance, IRAS may send notifications or file a court summons.

Missed GST Return Deadline:

If a business fails to file its GST returns by the deadline, the following charges ensue:

  • A penalty of S$200 is assessed for late submissions, increasing by S$200 for each full month of delay, with a maximum penalty of S$10,000 for each unfiled GST return.
  • A 5% late penalty on the estimated tax amount may be applied to an estimated NOA.
  • Failure to file GST returns regularly could result in a summons that requires those in charge of running the firm to appear in court.

How Can We Help?

According to impartial worldwide league tables, DataTracks has the third-best quality of work among the companies listed. With its delivery and development centre in India and different sales activities across multiple nations and continents, DataTracks is a worldwide business firm with its headquarters in Singapore. 

All Singapore-incorporated businesses are required to submit financial statements to XBRL ACRA except those who are exempt. This submission requirement harnesses the advantages of XBRL, such as improved data accuracy and ease of sharing financial information, facilitating better regulatory compliance and financial analysis across industries. The professionals at DataTracks can help with the same. 

For any business enquiries, email enquiry@datatracks.com.sg or call us at +65 31583654.

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