This was an increase from 2022, when more than 4,400 companies were prosecuted for these actions, according to Iras data provided to The Straits Times. In 2021, over 5,400 companies were prosecuted for not filing their tax returns or filing them late.
The total penalties for such actions exceeded $4.9 million in 2023, said Iras. This was up from more than $1.5 million in 2022 and over $1.7 million in 2021.
About one in 10 companies fail to comply with their corporate income tax filing obligations despite repeated reminders, said the authority.
Some 262,000 companies are expected to file their corporate income tax returns in 2024.
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