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Companies Attend Corporate Income Tax Workshop

REGISTERED companies attended a Corporate Income Tax Workshop organised by the Revenue Division, Ministry of Finance (MoF) yesterday at Training Room 1 of the Royal Customs and Excise Department, MoF.

 

Presenting for the workshop was Dayangku Masleda binti Pengiran Daud, Senior Finance Officer at the Revenue Division, MoF.

 

It was held to encourage compliance in filing of annual income tax return for companies registered under the Companies Act; to improve understanding of the provisions in the Income Tax Act; to provide taxpayers with convenience, ease and simplicity in conducting their tax matters via System for Tax Administration and Revenue Services (STARS) in order to promote voluntary compliance and minimise the cost of compliance, as well as a continuous effort to improve the business environment in Brunei.

 

One of the functions of the Revenue Division at the MoF is to administer corporate income tax for companies registered under the Companies Act, Chapter 39.

 

According to Section 52(1) of the Income Tax Act, Chapter 35, every company is required to file income tax returns for each year of assessment by June 30 annually.

 

Failure to file the tax return by the due date is an offence and legal action can be taken according to Section 78 of the Income Tax Act.

 

In order to promote the tax compliance, especially in filing of the income tax return on time, the Revenue Division has taken the initiative to conduct the workshop.

 

It also aims to provide guidelines for recently registered companies regarding their tax responsibilities and obligations as well as to assist them in familiarising with the features and functionalities of the STARS, an online tax system introduced since 2012, which can be accessed 24/7 via https://www.stars.gov.bn. - Abdul Hakiim Yakof

 

Courtesy of Borneo Bulletin, Tuesday, 18 April 2017

 

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