In February and March this year, three 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, Chapter 35, stated the Ministry of Finance and Economy (MoFE) in a release.
One company was fined BND5,000 for failing to file income tax returns for the financial years of 2013, 2014, 2015, 2016 and 2017. The two other companies were both fined BND5,000 for failing to submit income tax returns for the financial years of 2013, 2014, 2015, 2016 and 2017.
The MoFE iterated that companies registered under Chapter 39 of the Companies Act, are reminded to submit their income tax returns by June 30 of the relevant year of assessment.
Failure to submit is an offence under Chapter 35 of the Income Tax Act.