James Kon
Five local companies were ordered to settle fines at the Magistrate’s Court for failing to comply with Section 52(1) of the Income Tax Act (Section 35) between the months of December 2022 and March 2023, after they failed to submit income tax returns for the relevant financial years.
According to the Revenue Division under the Ministry of Finance and Economy, two companies was levied with a fine of BND5,000 for failing to submit income tax returns for the financial years ended on December 31, 2016, 2017, 2018, 2019 and 2020.
A company was fined BND4,000 for failing to submit income tax returns for the financial years ended on December 31, 2017, 2018, 2019 and 2020, while another was fined BND3,000 for failing to submit income tax returns for the financial years ended on December 31, 2018, 2019 and 2020.
Meanwhile, one other company was fined BND2,000 for failing to submit income tax returns for the financial years ended on December 31, 2020.
The Revenue Division also reminded companies that are registered under Chapter 39 of the Companies Act, to submit their income tax returns by June 30 of the relevant year of assessment.
If companies are found guilty of failing to submit their income tax returns and settling the fines imposed by the courts, they are still required to submit their outstanding income tax returns and pay the outstanding tax amount with penalties which is imposed at a maximum of 17 per cent of the outstanding tax, where applicable, it said.
