James Kon
Three local companies were ordered to settle fines at the Magistrate’s Court for failing to comply with Section 52(1), Chapter 35 of the Income Tax Act, which is failing to submit income tax returns for the financial years between September and October 2022.
One company was levied a BND4,000 fine for failing to submit income tax returns for the financial years ended December 31, 2017, 2018, 2019 and 2020; while the other was issued a BND4,000 fine for failing to submit income tax returns for the financial years ended December 31, 2016, 2017, 2018, 2019 and 2020. Meanwhile another company was levied a BND2,000 fine for failing to submit income tax returns for the financial years ended December 31, 2019 and 2020. The Revenue Division, Ministry of Finance and Economy reminded that companies registered under the Companies Act, Chapter 39 are required to submit income tax returns latest by June 30 of the relevant year of assessment.
If found guilty of failing to submit income tax returns, along with settling the fines imposed by the Courts, they are still required to submit their outstanding income tax returns and pay outstanding tax amount with penalties imposed at maximum 17 per cent of the outstanding tax.
