Three local companies were issued fines for failing to comply with Section 52(1) of the Income Tax Act, Chapter 35.

Star Trading & Printing Sdn Bhd was fined $4,000 for failing to file Income Tax Returns for the Financial Years ending on the 31st of December 2013, 2014, 2015, 2016 and 2017. While, Jimeco Sdn Bhd and Intrepid Management Services Sdn Bhd were each fined 5 thousand dollars for failing to file Income Tax Returns for the Financial Years ending on the 31st of December 2014, 2015, 2016, 2017 and 2018. The Revenue Division, Ministry of Finance and Economy would like to remind companies registered under the Companies Act, Chapter 39 to submit their Income Tax Returns by the 30th of June of the relevant Year of Assessment. Failure to submit is an offence under the Income Tax Act, Chapter 35, which, upon conviction, is liable to a fine of $10,000 and in default, 12 month imprisonment.

Source:
RTB NEWS

by RTB News

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