Tag Archives: Income Tax

A Certified Public Accountant was fined for Under-reporting Income


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.

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