The Manager of a Singapore wholesale trading company was sentenced to a week’s jail and a penalty of almost $79,000. 39 year old Tan Seng Beng, Joseph had intently defrauded on GST by overstating the input tax of AFGB Pte Ltd, resulting in net GST refunds of $26,000 to the company. For abetting the company on the above, the penalty is 3 times the amount over-claimed.
IRAS takes a serious view of taxpayers who wilfully evade tax. Lower penalties will apply if taxpayers voluntarily disclosure their GST errors.