Yes, the current Scala distribution can compile program for the .Net platform. The .Net platform has many similarities to Java but it has also many idiosyncrasies, making maintaining this port is a complicated task. The MSIL/.Net version of Scala implements at this stage virtually the entire Scala language, and most of the standard libraries. One significant limitation is that structural types do not yet work on .NET. There may still be problems when using particularly complex exception handlers. A small number of libraries are not available due to the peculiarities of .Net, and the interaction with other .Net languages is unsupported. For further details, please refer to this (possibly a bit outdated) documentation page [1].
Links:
[1] http://www.scala-lang.org/node/168