Eight companies had been fined for failing to submit income tax returns over a number of years, according to the Revenue Division at the Ministry of Finance and Economy.
The division said that from July to September this year, eight companies were ordered to settle fines at the Magistrate’s Court after failing to comply with Section 52(1) of the Income Tax Act.
Two companies were fined BND5,000 for failing to submit tax returns for five years between 2015 to 2019, three were fined BND3,000 for failing to submit returns from 2017 to 2019, two were fined BND2,000 for failing to submit returns for two years and one was fined BND1,000 for failing to submit returns for one year.
The Revenue Division reminded that companies registered under the Companies Act, Chapter 39 are required to submit their Income Tax Returns latest by June 30 of the relevant Year of Assessment.
Companies found guilty must still submit their outstanding income tax returns and pay the outstanding tax amount with penalties, which are imposed at a maximum 17 per cent of the outstanding tax, where applicable. – James Kon
