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26 local companies hit with fines for failure to submit tax returns

James Kon

A massive 26 local companies were slapped with fines after pleading guilty at the Magistrate’s Court for failing to comply with Section 52(1), Chapter 35 of Income Tax Act, it was revealed yesterday.

The companies found guilty for failing to file income tax returns for the relevant financial years in March and April 2022 were revealed by the Revenue Division of the Ministry of Finance and Economy (MoFE) in a statement.

In light of the offences, the Revenue Division of the MoFE reminded companies registered under the Companies Act, Chapter 39 to submit their income tax returns by June 30 of the relevant year of assessment.

If found guilty for failing to submit the returns, companies are still required to submit their outstanding income tax returns and to pay income tax and penalties (a maximum of 17 per cent of the tax outstanding), where applicable.