Company to pay S$260k penalty for tax evasion
Posted: 03 August 2012 1409 hrs
SINGAPORE: Positive Engineering Pte Ltd has been convicted of tax evasion for years of assessment 2008 and 2009.
The company has been ordered to pay a fine of S$12,000 and a penalty of S$250,990.92, three times the total amount of tax evaded.
The court heard that the company had sold scrap materials to a scrap dealer from 2007 to 2008 and subsequently failed to report the income earned from the sale in its audited accounts and income tax returns.
This resulted in under-reporting of income totalling about S$464,798 for Positive Engineering and correspondingly, tax undercharged of some S$83,663.64 for both years of assessment.
The company specialises in fabricating and installing aluminium panels and fire-rated doors, as well as non-building construction services.
-CNA/ac
