Sunday, June 16, 2024
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19 companies fail to submit income tax returns last year

James Kon

A total of 19 companies had been prosecuted in court for failing to file their income tax returns throughout last year.

Within December 2021, four local companies were ordered to settle fines after their representatives pleaded guilty at the Magistrate’s Court for failing to comply with Section 52(1) of Income Tax Act (Section 35).

According to the Revenue Division under the Ministry of Finance and Economy, Bumijati Sdn Bhd and RKC Sdn Bhd were each fined BND5,000 for failing to file income tax returns for the financial years ending on December 31, 2015, 2016, 2017, 2018 and 2019.

Boon Ann Engineering Sdn Bhd was fined BND4,000 for failing to file income tax returns for the financial years ending on December 31, 2018 and 2019. Emasku Sdn Bhd was fined BND4,500 for the same offence for the financial years ending on December 31, 2017, 2018 and 2019.

The Revenue Division reminded companies registered under Chapter 39 of the Companies Act to submit their income tax returns by June 30 of the relevant Year of Assessment.

Failure to submit is an offence under Chapter 39 of the Income Tax Act, which upon conviction, is liable to a fine of BND10,000 or 12-month imprisonment in default of payment.

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