We refer to Mr Samuel Jacob’s letter “Why no penalty for property firms” (Oct 1) regarding the prosecution of two property agents for their involvement in backdating an option to purchase a property to evade the higher additional buyer’s stamp duty (ABSD).
The Inland Revenue Authority of Singapore will take action, including court prosecution where appropriate, against any party, whether individual or company, involved in committing any tax offence. In this instance, there was no evidence that the relevant property firms were involved in the offence.
We thank Mr Jacob for the opportunity to clarify this.
Kelly Wee (Ms)
Director (Corporate Communications)
Inland Revenue Authority of Singapore