A director is a person who is occupying the position of director, including any person who is concerned in the management of the Company's business. He or she, on his or her own, the owner of, in control of not less than 20% of the ordinary share capital of the Company or with one or more associates, able to directly or through the medium of other companies or by any other indirect means to control, not less than 20% of the ordinary share capital of the Company.
A director who holds 20% or more of ordinary share capital in a company will be held liable for:
The director is jointly and severely liable on in respect of the company’s tax and any other debts of the company.
Under Section 75A of the Income Tax Act (ITA) 1967, the action that can be taken against directors of a company to recover a company’s taxes or debts are as follows:
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