Non-compliance with Inland Revenue Authority of Singapore (IRAS) requirements will incur a penalty and/or court prosecution.
Suggested Readings
Do I have to submit Estimated Chargeable Income (ECI) even if my company is dormant?
How do I decide when the Financial Year End (FYE) should be?
What are the inputs required in the Estimated Chargeable Income (ECI)?
What are the advantages of setting a financial year end within 12 months of incorporation?