Dear Friends and Business Associates,
It was reported in IRAS’ website on 15 May 2012 that a property agent was jailed 12 weeks after he pleaded guilty to five charges involving the use of counterfeit stamp certificates. Another three charges were taken into consideration for sentencing. This is the first case in which a property agent was charged under the Stamp Duties Act for passing counterfeit stamp “certificates” off as genuine.
Continue reading Stamp Duties – First Case in Singapore Involving A Property Agent Using Fake Stamp Certificates
This article was first published on ezinearticles.com on 16 May 2012.
Dear Friends and Business Associates:
Singapore is one of the popular jurisdictions for foreign investors to set up their business and operational headquarters. As we all know, Singapore does not have any natural resources. The survival of the Singapore economy depends on both domestic consumption of goods and services and international trades.
The Goods & Services Tax (“GST“) was introduced in Singapore on 1 April 1994. One objective of introducing a GST system in Singapore would be to allow and facilitate a shift of the focus from direct taxation to indirect taxation from a tax revenue collection perspective.
What types of transactions are subject to GST in Singapore?
Continue reading Goods & Services Tax – When Can You Apply the GST Zero-Rating Provisions in Singapore?
Dear Friends and Business Associates
The Inland Revenue Authority of Singapore (“IRAS“) reported in their website on 13 April 2012 that a certified public accountant (“CPA“) was charged for under-reporting his income of approximately S$100,000 and S$55,000 in his income tax returns for Years of Assessment (“YA“) 2006 and 2007 without any reasonable excuse. As a result, he was fined with a penalty of approximately S$52,000 which is two times the tax undercharged. This CPA’s act of under-reporting was discovered through one of IRAS’ regular audit programs that targets a cross-section of industries and professional groups.
What does this mean to you?
Continue reading A Certified Public Accountant was fined for Under-reporting Income
Dear Clients and Business Associates,
The Inland Revenue Authority of Singapore (“IRAS“) reported in their website today that a certified public accountant (“CPA“) was charged on two counts of helping one of his clients to falsify expenses in its income tax returns for the Years of Assessment 2005 and 2006, purportedly as payments made to a shell company in the British Virgin Islands.
The CPA was fined for a total of S$270,983 for seven offences of assisting his client to evade tax. The composition includes the sum of approximately S$37,000, which is three times the amount of tax evaded by his client.
What does this mean to you?
Continue reading Income Tax – Tax Agents Must Act Responsibly and Comply With the Law