On-time corporate tax filing for 2024 reaches record 90.4%, IRAS says

IRAS prosecuted 4,500 firms ahead of the 30 November filing deadline.

The Inland Revenue Authority of Singapore (IRAS) achieved a record 90.4% on-time corporate income tax filing rate for the Year of Assessment (YA) 2024, up from 88.9% in the previous year.

The increase reflects about 14,000 additional companies meeting the filing deadline. Around 300,000 companies, including 37,000 newly incorporated entities, are required to file their YA 2025 corporate income tax returns by 30 November.

Since January, IRAS has taken enforcement action against nearly 4,500 companies for late or non-filing, collecting $3.4m in penalties. Offending companies may face fines of up to $5,000, daily penalties of $100, or court-ordered payments twice the tax assessed for prolonged non-compliance.

Companies are advised to complete submissions ahead of the 30 November deadline to avoid enforcement action.

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