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BW Automobiles boss in trouble with tax evasion

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6th Gear

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.”

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Supersonic

Better change your thread title. BM = you know what.

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Turbocharged

Serve 150 Days in our Changi ''Chalet'' better than give back over $1 Million of Tax to Gov't.

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Hypersonic

Taxes also dare to run

:grin:

 

844CE333-06DD-4FEC-B98C-248DEFD44F12.gif

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Hypersonic

Ok see who 6 months didn’t log in :grin:

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Twincharged
25 minutes ago, Mustank said:

Ok see who 6 months didn’t log in :grin:

heard on CNA radio that the fine was paid.

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Supersonic
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...

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Supersonic

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.

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Supersonic
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?

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Supersonic
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. 🙂

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Supersonic (edited)

Just realised the title has been changed from tax invasion to evasion - in case the joke is lost on anyone, my bad.

Edited by Weez911

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Supersonic
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! 

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4th Gear
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.

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Turbocharged
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. 

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6th Gear

sorry for the typos everyone!!! ty mod for helping to edit before I get into trouble for "invading" taxes!! 

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6th Gear
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 $$$$

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