Between January and March this year, 14 companies were ordered to settle fines ranging from BND1,000 and BND5,000 at the Magistrate’s Court for failing to submit income tax returns, which is a violation of Section 52(1), Chapter 35 of the Income Tax Act.
The Revenue Division of the Ministry of Finance of Economy, in a statement, said companies registered under Chapter 39 of the Companies Act are required to submit their income tax returns no later than June 30 of any given year of assessment.
“If companies are found guilty for failing to submit income tax returns, along with settling of the fines imposed by the courts, they are still required to submit their outstanding income tax returns and pay outstanding tax amount with penalties imposed at the maximum of 17 per cent of the outstanding tax, where applicable,” it added. – James Kon
