​Three local companies were imposed with fines after the companies' representatives pleaded guilty at the Magistrate's Court for failing to adhere to Section 52 (1) of the Income Tax Act Chapter 35.

In its press release, the Ministry of Finance and Economy informed that in May 2021, Bengkel Kereta Berakas Sendirian Berhad was fined $5,000 for failing to submit Income Tax Returns for the Financial Years ending 31st December 2014, 2015, 2016, 2017 and 2018. In June 2021, Aqil Shafiee Sendirian Berhad was fined $5,000 for failing to submit Income Tax Returns for the Financial Years ending 31st December 2014, 2015, 2016, 2017 and 2018. Meanwhile, E-Suria Mentari Systems Sendirian Berhad was also fined $3,600 for failing to submit Income Tax Returns for the Financial Years ending 31st December 2015, 2016 and 2017.

The Revenue Division, Ministry of Finance and Economy reminds companies registered under the Companies Act, Chapter 39 to submit their respective Income Tax Returns no later than 30th June for the relevant Year of Assessment. Failure to do so is an offence under the Income Tax Act, Chapter 35. If convicted, can be fined $10,000 or 12 months imprisonment in default.

Source:
RTB NEWS

by RTB News

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