Between January and March this year, 14 companies were ordered to settle fines ranging from BND1,000 and BND5,000 at the Magistrate’s Court for failing to submit income tax returns, which is a violation of Section 52(1), Chapter 35 of the Income Tax Act.
The Revenue Division of the Ministry of Finance of Economy, in a statement, said companies registered under Chapter 39 of the Companies Act are required to submit their income tax returns no later than June 30 of any given year of assessment.
-- Courtesy of Borneo Bulletin