What Are Your Liabilities As A Director In Your Company?

Director's Liability

Every company will be assigned with directors who are responsible to oversee the management of the business, make operational and strategic decisions of the company as well as to ensure that the company meets all the statutory obligations. 

It is crucial to understand the tax liabilities for being a company director as civil suit can be taken against the director if the Company fails to settle the tax due.

Meaning & liability of director under Income Tax & RPGT

Reference: Public Ruling No.2/2019

Liability of director under Sales & Services Tax

When the company is in winding-up status, the directors will still be liable for any outstanding taxes if the company’s assets are not sufficient to settle the amount.

Reference:  

Sales Tax Act 2018

Service Tax Act 2018

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