14 parallel importers caught

[Orochi]

Singapore
Home > Breaking News > Singapore > Story
Jan 25, 2010

14 parallel importers caught

<!-- by line --> By Kim Spykerman

CAR dealers tried to cheat Singapore Customs by evading tax duties on 5,000 imported cars last year. In all, 14 parallel importers were taken to court and fined between $70,000 and a record $10.8 million for under-declaring the values of the cars they imported so as to avoid paying tax. This was a significant jump from 2008, when only three dealers were taken to task over 242 cars. Two were ordered to serve time in jailbecause they were unable to pay their fines. 'We see ourselves as the guardians of Singapore's trading system so we want to ensure a level playing field for all motor vehicle traders,' said Director-General of Singapore Customs Fong Yong Kian on Monday. He added that Customs officers stay on top of industry trends in order to sieve out cases where vehicle values are being under-declared. Officers will then go to the offices of these companies and seize all transaction records. Investigations can stretch up to two years, owing to the complexity of some of these cases.

 

[Orochi]

14 prosecuted last year for under-declaring values of cars imported

Singapore
Home > Breaking News > Singapore > Story
Jan 26, 2010

More car dealers nabbed

14 prosecuted last year for under-declaring values of cars imported

<!-- by line --> By Kimberly Spykerman

<!--background story, collapse if none--> Fined $10.8m

DEALER Tay Kien Chuan, 33, memorised the sums he owed the supplier so he never had to write them down. Tay, who was then running a company called 8th Gear, also collaborated with a friend, Ang Hian Koon, to set up a shell company that would import cars on his behalf. Tay is serving an 8 1/2-year jail term for being unable to pay up his record $10.8 million fine.

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The values of 4,932 cars brought in by 14 dealers were under-declared last year, compared with only 242 cars in 2008. -- PHOTO: SINGAPORE CUSTOMS

<!-- story content : start --> THE number of cheats among car dealers is on the rise. The 14 parallel importers caught and prosecuted last year tried to dodge paying about $5.3 million in import duties to Singapore Customs - almost 20 times the amount evaded the previous year. They were fined between $70,000 and a record $10.8 million for under-declaring the values of 4,932 cars they brought in. In 2008, only three dealers were prosecuted for doing this as a way of lightening their tax bills - and only 242 cars were involved. Of last year's 14 dealers, some were ordered to serve jail time because they were unable to pay the fines imposed on them. Wily car dealers have come up with tactics to avoid leaving paper trails, said Mr Samadi Aman, 61, an investigator at the Singapore Customs' Trade Investigation Branch.

Read the full story in Tuesday's edition of The Straits Times.
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