It was reported in IRAS’ website on 19 September 2013 that a company director was sentenced to jail for 8 weeks for claiming the Productivity and Innovation Credit (“PIC“) cash payout of approximately S$58,000 fraudulently for his company. This is the first prosecution case since the PIC scheme was introduced in Singapore in 2010.
Continue reading Company Director Jailed for Claiming PIC Fradulently
Dear Clients and Business Associates
It was reported on the IRAS’ website today that a manager of a Singapore company was sentenced to one week’s jail and was fined a penalty of approximately S$78,000 for assisting his company to make fictitious entries in the GST returns that allowed the company to claim a GST refund of approximately S$26,000.
Continue reading Goods & Services Tax – Company manager jailed for GST fraud
Dear Friends and Business Associates,
As the title suggests, it is critical for all taxpayers to comply with the tax law and if in doubt, consult your Accredited Tax Advisors from Singapore Institute of Accredited Tax Professionals. Many taxpayers in SIngapore I know want to save costs and as a result they will resolve the tax issues on their own or seek tax input from non-accredited tax advisors in Singapore because their service charges would be lower than Accredited Tax Advisors. Here is a question for you to consider – do you focus on how much you can save as a result of getting advice from non-accredited tax advisors only? If so, I would like to invite you to think about how much would it cost you for getting advice from them and in the end, it is regarded as incomplete, resulting in the tax treatment being disagreed with IRAS.?
Incidentally, it is also critical for taxpayers not to cheat IRAS. If you believe you can outsmart IRAS and save a few dollars on your tax liability, think twice. Why?
Continue reading Income Tax – Why Is It Critical For Taxpayers To Comply With Tax Law?
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