Local Companies Fined For Failure to Submit Income Tax Returns | 31 July 2024 In the months of April to June 2024, seventeen (17) local companies were ordered to settle fines
at 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.
- Midas Touch Sdn Bhd, Boulevard IT Sdn Bhd, Astar Sdn Bhd, Tai Ping Glass Company Sdn
Bhd and K2 Jaya Sdn Bhd were each fined BND5,000 for failing to submit Income Tax
Returns for the Financial Years ended 31 December 2015, 2016, 2017, 2018 and 2019;
- My Ship Management Sdn Bhd was fined BND4,000 for failing to submit Income Tax
Returns for the Financial Years ended 31 December 2016, 2017, 2018 and 2019;
- Sattar Enterprise Sdn Bhd was fined BND4,000 for failing to submit Income Tax Returns
for the Financial Years ended 31 December 2018 and 2019;
- KSY Sdn Bhd and Hasnornah Enterprise Sdn Bhd were each fined BND3,000 for failing to
submit Income Tax Returns for the Financial Years ended 31 December 2017, 2018 and
2019;
- 88 Timber Products Manufacturer Sdn Bhd and M.R.M.J Sdn Bhd were each fined
BND2,000 for failing to submit Income Tax Return for the Financial Year ended 31
December 2018 and 2019;
- SM Sdn Bhd, Daya Falcon Energy Sdn Bhd, Lan Qin Sdn Bhd, Noorjumanah Department
Store Sdn Bhd, N R K Sdn Bhd and Izonil Sdn Bhd were each fined BND1,000 for failing to
submit Income Tax Return for the Financial Year ended 31 December 2019
Revenue Division, Ministry of Finance and Economy would like to remind that companies registered
under the Companies Act, Chapter 39 are required to submit their Income Tax Returns latest by
30th June of the relevant Year of Assessment as required under Section 52(1) of the Income Tax
Act (Chapter 35). If companies are found guilty for 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 which is imposed at maximum
17% of the outstanding tax, where applicable.
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Prepared by:
Revenue Division Ministry of Finance and Economy
Email: revenue@mofe.gov.bn Date: 25 Muharram 1446 / 31 Julai 2024 Reference: H/KORP/27
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