Two companies fined for not submitting tax returns

National 1 minute, 5 seconds

BANDAR SERI BEGAWAN

TWO companies were each fined yesterday after their directors pleaded guilty to failing to submit their annual tax return documents to the Ministry of Finance.

Film company Origin Films Sdn Bhd was fined $1,600 after its director admitted to failing to submit their tax returns for 2012 and 2013. Meanwhile, Comserve Sdn Bhd was fined $2,400 for failing to submit tax documents between 2012 and 2014.

The court document stated that both companies had been given 30 days to submit the documents for the years they missed. But they failed without a reasonable excuse to furnish a return of income and particulars form to the Revenue Section of the Ministry of Finance that is required to ascertain their income tax.

Following the proceedings yesterday, Origin Films settled its fine in full, while Comserve Sdn Bhd was given a grace period until the end of the year to settle its fine. If the fine isn’t paid, the court may issue a warrant for the levy of the amount by distress sale of any property belonging to the company.

Failure to comply with a tax notice or non-submission of a return of income and particulars form including the annual audited accounts is a criminal offence punishable under section 78 (2) of the Income Tax Act which carries a $10,000 fine or 12 months’ imprisonment.

The Brunei Times