Seventeen local companies have been ordered to settle fines at the Magistrate’s Court between April and June this year for failing to comply with Section 52(1) of Income Tax Act (Chapter 35) for failing to submit income tax returns for the relevant financial years.
Majority of the companies failed to submit income tax returns for multiple financial years, said the Revenue Division at the Ministry of Finance and Economy.
The agency in a statement reminded companies to submit their income tax returns by June 30 of each assessment year, adding that companies found guilty of failing to submit income tax returns and settle fines imposed by the courts “are still required to submit their outstanding income tax returns and pay an outstanding tax amount with penalties imposed up to 17 per cent of the outstanding tax, where applicable”. – James Kon
