Singapore legislation
Section 60
Section 60
Penalty for failure to pay or make returns within prescribed period
(1)
If any tax (including any additional tax mentioned in section 47(1B)) is not paid within the periods prescribed in regulations made under section 41 or within the period specified in section 47(2C) (as may be extended under section 47(2D)) —
a penalty equal to 5% of the amount of tax payable is added thereto; and
if the amount of tax outstanding is not paid within 60 days after the imposition of the penalty as provided by paragraph (a), an additional penalty of 2% of the tax outstanding is payable for each completed month that the tax remains unpaid commencing from the date on which the tax became payable, but the total additional penalty must not exceed 50% of the amount of tax outstanding.
(1A)
Subsection (1) applies separately to —
the output tax of a taxable person after deduction of input tax allowable under section 20; and
tax accountable by a taxable person pursuant to regulations made under section 27A.
(1B)
Subsection (1)(a) and (b) applies to any surcharge and interest payable under section 45A or 47A (as the case may be) that is not paid within the period prescribed in that section, as it applies to any tax not paid by a taxable person within the period mentioned in subsection (1).
(2)
If any return is not made by a taxable person before the expiry of the period prescribed in regulations made under section 41 for the return, the taxable person must pay a penalty that is the sum total of the following amounts, not exceeding in any case $10,000:
$200;
$200 for each completed month that the taxable person continues not to make the return, commencing on the day immediately after the last day of the period prescribed.
(3)
In this section, “tax” includes any interest imposed under section 47(2D).