In line with the Ministry of Finance and Economy’s efforts to raise the level of compliance among companies, two local companies were ordered to settle fines after their representatives pleaded guilty at the Magistrate’s Court to failing to comply with Section 52(1) of Income Tax Act (Section 35).

In the month of September 2021, Famous Textile Sdn Bhd was fined a sum of BND5,000 for having failed to file Income Tax Returns for the Financial Years ending on 31st December 2014, 2015, 2016, 2017 and 2018.

As for in the month of November 2021, Europart Automotive (B) Sdn Bhd was fined a sum of BND3,000 for having failed to file Income Tax Returns for the Financial Years ending 31st December 2016, 2017 and 2018.

Revenue Division, Ministry of Finance and Economy would like to remind companies registered under the Companies Act, Cap. 39 to submit their Income Tax Returns by 30th June of the relevant Year of Assessment. Failure to submit is an offence under the Income Tax Act, Cap.35, which, upon conviction, is liable to a fine of BND10,000 and in default of payment to imprisonment for 12 months.

Source: Ministry of Finance Brunei Darussalam