StreetFight3r 6th Gear July 17, 2020 Share July 17, 2020 SINGAPORE: The director of a used car dealership was convicted for understating more than S$6 million of company income, the Inland Revenue Authority of Singapore (IRAS) said on Friday (Jul 17). Low Soon Leong, 50, was given a S$1,006,122 penalty - two times the tax undercharged - or serve a jail term of 150 days. Low is the company director of BW Automobiles and had declared a total of S$1.24 million on income in company tax returns from the years of assessment 2011 to 2013. Investigations revealed that he did not look carefully at the financial statements given to him to check the revenue figures. Instead, he had accepted the company's returns prepared by the company's tax agent, a certified public accountant. "The understatement of income resulted in tax undercharged of over S$1 million," said IRAS. “Of the three charges, the prosecution proceeded with one charge against Low for abetting the company to omit income from its tax returns without reasonable excuse," it added. The remaining two charges were taken into consideration during sentencing. For this, he also received a fine of S$5,000. IRAS warns that it takes a serious view of non-compliance and tax evasion. “There will be severe penalties for those who willfully evade tax. Taxpayers are responsible for the information declared in their income tax returns,” it said. The authority will not hesitate to bring offenders to court, IRAS said, adding that penalties for tax evasion can be up to four times the amount of tax evaded. “In certain situations, jail terms may also be imposed.” ↡ Advertisement 1 1 2 Link to post Share on other sites More sharing options...
StreetFight3r 6th Gear July 17, 2020 Author Share July 17, 2020 https://www.channelnewsasia.com/news/singapore/used-car-dealer-convicted-abetting-company-to-understate-income-12941284 Link to post Share on other sites More sharing options...
1fast1 Supersonic July 17, 2020 Share July 17, 2020 Better change your thread title. BM = you know what. 1 1 2 Link to post Share on other sites More sharing options...
inlinesix Supersonic July 17, 2020 Share July 17, 2020 @kobayashiGT pls change to BW Automobile 3 1 Link to post Share on other sites More sharing options...
ER-3682 Twincharged July 17, 2020 Share July 17, 2020 Serve 150 Days in our Changi ''Chalet'' better than give back over $1 Million of Tax to Gov't. 2 Link to post Share on other sites More sharing options...
Mustank Hypersonic July 17, 2020 Share July 17, 2020 Taxes also dare to run 1 5 Link to post Share on other sites More sharing options...
Mustank Hypersonic July 17, 2020 Share July 17, 2020 Ok see who 6 months didn’t log in 5 Link to post Share on other sites More sharing options...
sake Twincharged July 17, 2020 Share July 17, 2020 25 minutes ago, Mustank said: Ok see who 6 months didn’t log in heard on CNA radio that the fine was paid. 1 Link to post Share on other sites More sharing options...
Atrecord Supersonic July 17, 2020 Share July 17, 2020 1 hour ago, ER-3682 said: Serve 150 Days in our Changi ''Chalet'' better than give back over $1 Million of Tax to Gov't. Make keep more money than our office holders leh... 2 Link to post Share on other sites More sharing options...
Watwheels Supersonic July 17, 2020 Share July 17, 2020 Invasion or evasion? LoL... BM? When I saw the title I thought it's Borneo Motors siah. These used car dealers and PIs always get into trouble for evading tax. I think they got away many times before getting caught. 1 Link to post Share on other sites More sharing options...
Count-Bracula Twincharged July 17, 2020 Share July 17, 2020 6 minutes ago, Watwheels said: Invasion or evasion? LoL... BM? When I saw the title I thought it's Borneo Motors siah. These used car dealers and PIs always get into trouble for evading tax. I think they got away many times before getting caught. Evade tax kena but fiddling with odometer is ok? 1 3 Link to post Share on other sites More sharing options...
Weez911 Supersonic July 17, 2020 Share July 17, 2020 3 hours ago, Turboflat4 said: Better change your thread title. BM = you know what. Epic thread title. Every time I receive my NOA, I also have a feeling I was invaded. 🙂 5 Link to post Share on other sites More sharing options...
Weez911 Supersonic July 17, 2020 Share July 17, 2020 (edited) Just realised the title has been changed from tax invasion to evasion - in case the joke is lost on anyone, my bad. Edited July 17, 2020 by Weez911 Link to post Share on other sites More sharing options...
Volvobrick Supersonic July 17, 2020 Share July 17, 2020 1 hour ago, Count-Bracula said: Evade tax kena but fiddling with odometer is ok? Of course... Cheat you and me can. Cheat Ah Kong CANNOT! 4 Link to post Share on other sites More sharing options...
Acewin 4th Gear July 17, 2020 Share July 17, 2020 24 minutes ago, Volvobrick said: Of course... Cheat you and me can. Cheat Ah Kong CANNOT! If cheat Ah kong tio very big stick one must kena 3 times the amount. Link to post Share on other sites More sharing options...
Mkl22 Twincharged July 18, 2020 Share July 18, 2020 10 hours ago, Watwheels said: Invasion or evasion? LoL... BM? When I saw the title I thought it's Borneo Motors siah. These used car dealers and PIs always get into trouble for evading tax. I think they got away many times before getting caught. Anyway once caught, they will forever be scrutinized closely. Any illegal activity will be taken to task. Link to post Share on other sites More sharing options...
StreetFight3r 6th Gear July 18, 2020 Author Share July 18, 2020 sorry for the typos everyone!!! ty mod for helping to edit before I get into trouble for "invading" taxes!! 1 Link to post Share on other sites More sharing options...
RogerNg_185295 6th Gear July 20, 2020 Share July 20, 2020 On 7/17/2020 at 9:55 PM, Count-Bracula said: Evade tax kena but fiddling with odometer is ok? Very Ok as govt is not losing $$$$ ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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