Director of metal stamping company to be charged for tax evasion

22 Mar 2018

A company director will be charged in court tomorrow for assisting his company to evade tax.  

He will face 5 charges involving the making of false entries in his company’s income tax returns from Years of Assessment (YAs) 2009 to 2013, which resulted in $648,427.90 in tax undercharged.  

Any person who wilfully with intent to evade or to assist any other person to evade tax may be liable upon conviction to a penalty of up to three times the amount of tax evaded and a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.

In addition, he will face 17 charges for without reasonable excuse, making an incorrect return by understating output tax in his company’s GST returns amounting to $266,870.58 during the same period. 

Upon conviction, he may face a penalty of two times the amount of tax undercharged, and a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both.

Inland Revenue Authority of Singapore