Singapore legislation

Clause 58

of Goods And Services Tax Bill

Clause 58

Penalty for failure to pay or make returns within prescribed period

(1)

If any tax is not paid by a taxable person within the periods prescribed in regulations made under section 39 —

(a)

a penalty equal to 5% of the amount of tax payable shall be added thereto; and

(b)

if the amount of tax outstanding is not paid within 60 days of the imposition of the penalty as provided by paragraph (a), an additional penalty of 2% of the tax outstanding shall be 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 shall not exceed 50% of the amount of tax outstanding.

(2)

If any return is not made by a taxable person within the periods prescribed in regulations made under section 39, that taxable person shall be liable to pay a penalty of $200 for each completed month that he continues not to submit the return but the total penalty shall not exceed $10,000.

Read in full context — Goods And Services Tax Bill →