James Kon
Six companies were ordered to settle fines in January 2022 after their representatives pleaded guilty at the Magistrate’s Court to failing to comply with Section 52(1) of Income Tax Act (Chapter 35).Five companies were each fined BND5,000 for failing to file income tax returns for the financial years ending December 31, 2015, 2016, 2017, 2018 and 2019.
Meanwhile, another company was fined BND4,000 for having failed to file income tax returns for the financial years ending December 31, 2015, 2016, 2017, 2018 and 2019.
The Revenue Division under the Ministry of Finance and Economy (MoFE) yesterday reiterated that companies registered under the Companies Act, Chapter 39, are required to submit income tax returns by June 30 of the relevant year of assessment as part of their obligations under Section 52(1) of the Income Tax Act, Chapter 35. Failure to submit is an offence under the Income Tax Act, Chapter 35. Upon conviction, the individual is liable to a fine of BND10,000 or 12 months’ imprisonment in default of payment.
Companies found guilty of failing to submit their income tax returns have been reminded that they are still required to submit their outstanding income tax returns and pay income tax and penalties (maximum 17 per cent of the tax outstanding) where applicable, that have been charged due to the failure to submit income tax returns.
