BANDAR SERI BEGAWAN: Up to 30 companies in Brunei were fined for failing to submit income tax returns for July to September 2024, Brunei's Ministry of Finance and Economy said on Tuesday (Nov 11).
According to the ministry, the companies were fined between 800 Brunei dollars (US$614) and 6,000 Brunei dollars (US$4,607).
The ministry reminds that companies registered under the Companies Act, Chapter 39, are required to submit their income tax returns by June 30 of the relevant year of assessment.
The ministry said if companies are 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 the outstanding tax amount with a penalty which is imposed at a maximum of 17 per cent of the outstanding tax, where applicable. - Xinhua
