​10 local companies were issued compound fines by the Magistrate's Court for failing to submit Income Tax Returns for the relevant Financial Years under Section 52(1) of the Income Tax Act, Chapter 35.

Four companies were fined $5,000 each, namely Elmar General Contractor Sendirian Berhad, Waqi Sendirian Berhad, Procera Tiles Sendirian Berhad and Vstana Jewelery and Fashion Sendirian Berhad. While Infosys Sendirian Berhad was fined $4,000.

While two companies, Altco Jaya Sendirian Berhad, and Sabli Beverages Industries Sendirian Berhad were fined $3,000. McBrumby Beverage Sendirian Berhad was fined $2,500, Sunshine School Sendirian Berhad was fined $2,000, and Hj Uthman Complex Management Sendirian Berhad was fined $1,000.

Revenue Division, Ministry of Finance and Economy reminded 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.

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, where applicable.

Source:
RTB NEWS

by RTB NEWS

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