BANDAR SERI BEGAWAN: Between July and December 2024, 13 local companies were slapped with fines by the Magistrate’s Court for failing to comply with Section 52(1) of Income Tax Act (Chapter 35), which is failing to submit income tax returns for the relevant financial years.
One company was fined BND6,000 for failing to submit income tax returns for the financial years ended on Dec 31, 2014, 2015, 2016, 2017 and 2018 while another company received a fine of BND5,000 for failing to submit income tax returns for the financial years ended on Dec 31, 2014, 2015, 2016, 2017 and 2019.
One company was also levied with a fine of BND5,000 for failing to submit income tax returns for the financial years ended on Dec 31, 2015, 2016, 2017, 2018 and 2019.
The remaining companies were each slapped with fines of BND4,000, BND3,000, BND2,000 and BND1,000.
The Revenue Division at the Ministry of Finance and Economy reminded companies registered under the Companies Act, Chapter 39 to submit their income tax returns by June 30 of the year of assessment as required under Section 52(1) of the Income Tax Act (Chapter 35).
Companies found guilty of non-compliance 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, where applicable, along with settling the fines imposed by the Courts. – Borneo Bulletin/ANN
