Thursday, May 23, 2024
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16 companies fined for failing to submit income tax returns

James Kon

Sixteen companies in May were ordered to settle fines after representatives pleaded guilty before the Magistrate’s Court for failing to submit income tax returns.

The fines ranged from BND1,000 to BND5,000, depending on the number of violations.

The Revenue Division under the Ministry of Finance and Economy reminded companies registered under Chapter 39 of the Companies Act are required to submit their income tax returns latest by June 30 of the relevant year of assessment.

If companies are found guilty of failing to submit income tax returns, on top of fines imposed by the courts, they are still required to submit their outstanding income tax returns and pay outstanding taxes and penalties of a maximum 17 per cent of the outstanding amount.