DOBIEMKZ Turbocharged September 3, 2021 Share September 3, 2021 The couple already have a private property in addition to a HDB flat, and yet in their greed to acquire another private property they used shady means to circumvent paying higher stamp duties. Such are the people who drove up property prices unnecessarily, and also caused troubles to the property agents involved (although I think they, the property agents, were also implicitly liable for participation in the scheme). Couple found guilty of backdating Option to Purchase to avoid higher stamp duties on condo unit https://www.channelnewsasia.com/singapore/couple-guilty-backdating-option-purchase-avoid-stamp-duties-condo-2152536 SINGAPORE: Two property buyers who backdated an Option to Purchase to evade newly raised stamp duties pleaded guilty to the offence on Thursday (Sep 2). Daniel Halim and his wife Lee Liu Ying, both 44, faced one charge each of violating the Stamp Duties Act. Court documents showed that the two - who already owned a condominium unit in West Coast Crescent and a Housing Board flat in Strathmore Avenue - wanted to buy a fourth-floor apartment at Sandy Palm condominium in Loyang. On Jul 24, 2018, Halim and Lee executed the Option to Purchase for the Sandy Palm unit, but backdated it in order to avoid paying additional duties. This was because on Jul 5 that year, the Government announced cooling measures, raising rates for the additional buyer's stamp duties from 10 to 15 per cent for Singaporeans buying their third and subsequent residential property. The revised rates kicked in on Jul 6, but residential properties purchased on or after that could qualify for the 10 per cent rate if they met certain conditions. These included buyers whose Option To Purchase for the property was granted on or before Jul 5, 2018. Investigations by the Inland Revenue Authority of Singapore (IRAS) found that after their first viewing of the property on Jul 7, Halim and Lee instructed their agent Mu Shen to instigate the seller’s agent Loy Thye Wei to backdate the Option to Purchase for the Sandy Palms apartment to Jul 4. This was to avoid paying the higher additional buyer's stamp duties rate of 15 per cent, said IRAS senior tax prosecutor Norman Teo. The couple told Mu they would only proceed with the transaction if the document was backdated, as they would otherwise not have enough cash on hand to complete the purchase. The additional buyer's stamp duties had to be paid in cash. Halim and Lee made an initial offer of S$1.35 million for the property, although this was increased to S$1.38 million upon their second viewing on Jul 8. The prosecutor noted that this S$30,000 increase in the transacted price only resulted in a S$1,500 increase in the minimum cash payable. However, in order to afford the initial cash outlay for the purchase of the property, the couple decided to save on the additional buyer's stamp duties, even though they did not qualify for the transitional remission. Halim also backdated the option cheque to Jul 4, 2018, to match the date of the backdated Option to Purchase to create the appearance that it was granted on Jul 4. Loy, acting on Mu’s instigation, wrote the backdated date of Jul 4 on the Option to Purchase form, without the seller’s knowledge. Halim and Lee did not at any point ask Mu to check with the seller on whether he agreed to such an arrangement, the prosecution noted. The amount of additional buyer's stamp duties underpaid by the couple amounted to S$69,000. On Jul 12 this year, Mu pleaded guilty to to one charge of abetting by instigating Loy into falsely stating the Option to Purchase date. Loy is expected to plead guilty on Friday. Halim, Lee and Mu will appear in court again on Sep 10 for sentencing. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear September 3, 2021 Share September 3, 2021 No taxation without representation! Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator September 3, 2021 Share September 3, 2021 All i can say is they are quite rich in the first place. 🤨 Link to post Share on other sites More sharing options...
Spurman Supercharged September 3, 2021 Share September 3, 2021 AIyo, they backdate too less... Dateline 5th. They put 4th. Fishy fishy. If they put 1st. Maybe boh notice. Anyway, Dun listen to my advice. Hehe. Just playful thoughts. Pls follow law, dun pray pray hor. 1 Link to post Share on other sites More sharing options...
Watwheels Supersonic September 3, 2021 Share September 3, 2021 So they will be charge under tax evasion charges? Link to post Share on other sites More sharing options...
Jamesc Hypersonic September 3, 2021 Share September 3, 2021 Agong don't care about rising property prices. They only care people cheat stamp duty! 1 1 Link to post Share on other sites More sharing options...
Victor68 Turbocharged September 3, 2021 Share September 3, 2021 Singapore was famous for good basic public housing. How come we now lost our direction? The meaning public housing need to be define. One day our generstions are bankrupt by housing and slave their entire life. 1 Link to post Share on other sites More sharing options...
Arogab Turbocharged September 3, 2021 Share September 3, 2021 Rules are created and there are always people who uses loopholes to do things. I have even encounter my friend who tells me, my parents are divorced in papers and they are still together. Like this we can have more properties. What can we do? Either we report them and loose friendship or we just slowly become just a normal friend or hope even one day the law catches up with them. Link to post Share on other sites More sharing options...
Nolicense Turbocharged September 3, 2021 Share September 3, 2021 23 minutes ago, Victor68 said: Singapore was famous for good basic public housing. How come we now lost our direction? The meaning public housing need to be define. One day our generstions are bankrupt by housing and slave their entire life. we let it becoming like hk. 1 Link to post Share on other sites More sharing options...
Jamesc Hypersonic September 3, 2021 Share September 3, 2021 I don't mind divorcing my wife to get more property and still live together. Then no more MIL It will change to Mother The Outlaw! 6 Link to post Share on other sites More sharing options...
Jamesc Hypersonic September 3, 2021 Share September 3, 2021 Don't report me hor! 11 minutes ago, Arogab said: Rules are created and there are always people who uses loopholes to do things. I have even encounter my friend who tells me, my parents are divorced in papers and they are still together. Like this we can have more properties. What can we do? Either we report them and loose friendship or we just slowly become just a normal friend or hope even one day the law catches up with them. Just now, Jamesc said: I don't mind divorcing my wife to get more property and still live together. Then no more MIL It will change to Mother The Outlaw! Link to post Share on other sites More sharing options...
Arogab Turbocharged September 3, 2021 Share September 3, 2021 12 minutes ago, Jamesc said: I don't mind divorcing my wife to get more property and still live together. Then no more MIL It will change to Mother The Outlaw! I think you are more towards trying to get more MIL cos of your love for MIL lah Or maybe MILF better😜 3 Link to post Share on other sites More sharing options...
ER-3682 Twincharged September 3, 2021 Share September 3, 2021 2018 bought $1.38 Million,i think now worth at least $1.8 Million. Link to post Share on other sites More sharing options...
Roh96 6th Gear September 3, 2021 Share September 3, 2021 Court case like this will cause them to lose jobs boh? Link to post Share on other sites More sharing options...
Ash2017 Twincharged September 3, 2021 Share September 3, 2021 7 hours ago, DOBIEMKZ said: The couple already have a private property in addition to a HDB flat, and yet in their greed to acquire another private property they used shady means to circumvent paying higher stamp duties. Such are the people who drove up property prices unnecessarily, and also caused troubles to the property agents involved (although I think they, the property agents, were also implicitly liable for participation in the scheme). Couple found guilty of backdating Option to Purchase to avoid higher stamp duties on condo unit https://www.channelnewsasia.com/singapore/couple-guilty-backdating-option-purchase-avoid-stamp-duties-condo-2152536 SINGAPORE: Two property buyers who backdated an Option to Purchase to evade newly raised stamp duties pleaded guilty to the offence on Thursday (Sep 2). Daniel Halim and his wife Lee Liu Ying, both 44, faced one charge each of violating the Stamp Duties Act. Court documents showed that the two - who already owned a condominium unit in West Coast Crescent and a Housing Board flat in Strathmore Avenue - wanted to buy a fourth-floor apartment at Sandy Palm condominium in Loyang. On Jul 24, 2018, Halim and Lee executed the Option to Purchase for the Sandy Palm unit, but backdated it in order to avoid paying additional duties. This was because on Jul 5 that year, the Government announced cooling measures, raising rates for the additional buyer's stamp duties from 10 to 15 per cent for Singaporeans buying their third and subsequent residential property. The revised rates kicked in on Jul 6, but residential properties purchased on or after that could qualify for the 10 per cent rate if they met certain conditions. These included buyers whose Option To Purchase for the property was granted on or before Jul 5, 2018. Investigations by the Inland Revenue Authority of Singapore (IRAS) found that after their first viewing of the property on Jul 7, Halim and Lee instructed their agent Mu Shen to instigate the seller’s agent Loy Thye Wei to backdate the Option to Purchase for the Sandy Palms apartment to Jul 4. This was to avoid paying the higher additional buyer's stamp duties rate of 15 per cent, said IRAS senior tax prosecutor Norman Teo. The couple told Mu they would only proceed with the transaction if the document was backdated, as they would otherwise not have enough cash on hand to complete the purchase. The additional buyer's stamp duties had to be paid in cash. Halim and Lee made an initial offer of S$1.35 million for the property, although this was increased to S$1.38 million upon their second viewing on Jul 8. The prosecutor noted that this S$30,000 increase in the transacted price only resulted in a S$1,500 increase in the minimum cash payable. However, in order to afford the initial cash outlay for the purchase of the property, the couple decided to save on the additional buyer's stamp duties, even though they did not qualify for the transitional remission. Halim also backdated the option cheque to Jul 4, 2018, to match the date of the backdated Option to Purchase to create the appearance that it was granted on Jul 4. Loy, acting on Mu’s instigation, wrote the backdated date of Jul 4 on the Option to Purchase form, without the seller’s knowledge. Halim and Lee did not at any point ask Mu to check with the seller on whether he agreed to such an arrangement, the prosecution noted. The amount of additional buyer's stamp duties underpaid by the couple amounted to S$69,000. On Jul 12 this year, Mu pleaded guilty to to one charge of abetting by instigating Loy into falsely stating the Option to Purchase date. Loy is expected to plead guilty on Friday. Halim, Lee and Mu will appear in court again on Sep 10 for sentencing. Frankly man made laws are just that man made laws. as long as there is no crime committed and individuals exploit loopholes can't really blame them. ask you these few questions, fair or not fair many years ago x (lower) amount of trafficking drugs attracts death penalty and today xx (higher) amount attracts death penalty. those who got hanged on x cannot get back their lives, should they plan to commit their crime later. in addition, there is a bit of "rubber" on how they measure the drugs, it needed to be distilled to the pure form then measured in grams. then we have the 377A which is inforce that is an offence that attracts jail term but parliament said they will do nothing for the moment. so suddenly they say become prosecutable tonight how when you are in the project of having your "high"? back dating of options is not rare in fact many do for various reasons eg getting a loan and etc everyday in the stock market you think no insider trading, it is rampant but close one eye open one eye as long as not blatant also why commoners gathered in groups eg 5 can get prosecuted but politicians eg Kamala visits there were more than 10 crowding together and shaking hands, why virus dislike the taste of politicians. also many commoners need to be quarantine entering Singapore but I heard diplomats and some prominent business leaders no need. Unfortunately only those higher than Generals have that privilege. Let me put it this way, if the IRS wants to crucify you, even you are mother teresa they can find something to crucify you properly and good. No need to go so far. Traffic police, without body camera, anything they say on the road they win liao, you think the judge would believe you more than the TP. In this case, it is commonly done but that does not meant it is right, it is just bad luck. 1 Link to post Share on other sites More sharing options...
Ash2017 Twincharged September 3, 2021 Share September 3, 2021 6 hours ago, Jamesc said: I don't mind divorcing my wife to get more property and still live together. Then no more MIL It will change to Mother The Outlaw! In your situation I can only speculate that either you MIL is not a chio biu for her age or she is poor as a church mouse. i observed when MIL is filthy rich and can leave behind lots of inheritance, usually the SIL very good one will do anything to keep the old lady happy confession time which is which 4 Link to post Share on other sites More sharing options...
Jamesc Hypersonic September 3, 2021 Share September 3, 2021 54 minutes ago, Ash2017 said: In your situation I can only speculate that either you MIL is not a chio biu for her age or she is poor as a church mouse. i observed when MIL is filthy rich and can leave behind lots of inheritance, usually the SIL very good one will do anything to keep the old lady happy Link to post Share on other sites More sharing options...
DOBIEMKZ Turbocharged September 4, 2021 Author Share September 4, 2021 15 hours ago, Jamesc said: I don't mind divorcing my wife to get more property and still live together. Then no more MIL It will change to Mother The Outlaw! But will the ex-MIL be still inside your car?😅 ↡ Advertisement Link to post Share on other sites More sharing options...
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