(Bandar Seri Begawan, 10th Jan) During the period from July to December 2024, 13 local companies in the country were fined by the local court for failing to comply with Section 52(1) of the Income Tax Act (Chapter 35) (failure to submit income tax returns for the relevant fiscal year).
According to the authority's disclosure, one company was fined BND 6,000 for failing to submit income tax returns for the fiscal years ending December 31 of 2014, 2015, 2016, 2017, and 2018.
One company was fined BND 5,000 for failing to submit income tax returns for the fiscal years ending December 31 of 2014, 2015, 2016, 2017, and 2019.
Another company was fined BND 5,000 for failing to submit income tax returns for the fiscal years ending December 31 of 2015, 2016, 2017, 2018, and 2019.
Other companies were fined BND 4,000, BND 3,000, BND 2,000, and BND 1,000 respectively.
Companies found non-compliant are still required to submit the outstanding income tax returns and pay the unpaid taxes, as well as face a penalty of up to 17% of the unpaid tax where applicable, and pay the court-imposed fines.