It was reported in the IRAS’ website that 14 individuals who allegedly made false Productivity and Innovation Credit (“PIC”) claims were charged will be charged in court on Friday, 17 Feb 2017. These individuals had registered sole-proprietorships, partnerships or companies and used them to make false claims. Their PIC claims amounting to $334,464 were made between 2013 and 2014.
Investigations by IRAS have revealed that the PIC claims were linked to S. Chandran, who was charged in court on 27 Jan 2017 for assisting 49 claimants to fraudulently obtain PIC cash payouts and PIC bonuses. IRAS has taken appropriate legal action against these claimants based on the facts and circumstances of each case, including prosecution or other enforcement actions such as the issuance of warning letters.
What does this mean to you?
IRAS takes a serious view of any attempt by claimants, vendors or promoters who abuse the PIC scheme and defraud the Government. In particular, IRAS will take stern action against promoters who facilitate offenses committed against the PIC schemes. Anyone who commits PIC offenses might be subject to penalties of up to four times the amount of PIC cash payout and PIC bonus fraudulently obtained (or which would have been obtained if the offense had not been detected), and a fine of up to $50,000 or imprisonment of up to five years.
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