Three companies fined for failure to submit income tax returns

In the months of September and October 2022, three local companies were ordered to settle fines at the Magistrate’s Court for failing to comply with Section 52(1) of Income Tax Act (Section 35), which is failing to submit Income Tax Returns for the relevant Financial Years.

Ar-Barakah Sdn Bhd was fined $4,000 for failing to submit Income Tax Returns for the Financial Years ended 31 December 2017, 2018, 2019 and 2020;

Savers International Sdn Bhd was fined $4,000 for failing to submit Income Tax Returns for the Financial Years ended 31 December 2016, 2017, 2018, 2019 and 2020; and

GEIO Sdn Bhd was fined $2,000 for failing to submit Income Tax Returns for the Financial Years ended 31 December 2019 and 2020.

In a statement, Revenue Division at the 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 30 June of the relevant Year of Assessment.

“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 per cent of the outstanding tax,” it said.

THE BRUNEIAN | BANDAR SERI BEGAWAN

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