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Accountant fined for under reporting income
Posted: 13 April 2012 1235 hrs
SINGAPORE: A certified public accountant has to pay a total of about S$55,760 in penalties and fines for under-reporting his income.
66-year-old Freddie Chin Kek Khiong was in the business of book-keeping, auditing and tax services.
In his income tax returns for Years of Assessment 2006 and 2007, he had without reasonable excuse under-reported income to the tune of S$100,600 and S$54,972 respectively.
For the two charges of under-reporting his income, Chin has to pay a penalty of S$51,760, which is two times the tax undercharged of S$25,880.
Chin is also ordered to pay a fine of S$4,000 on the two charges.
The Inland Revenue Authority of Singapore (IRAS) assesses businesses that pose compliance risks using its computerised analysis programmes and selects such businesses for audit.
Chin's under-reporting was discovered through one of IRAS' regular audit programmes that target a cross-section of industries and professional groups.
IRAS takes a serious view of such offences by tax or accounting professionals.
Tax or accounting professionals are expected to understand the importance of proper record keeping, preparing financial statements and filing accurate and timely income tax returns to IRAS.
IRAS said it would not hesitate to take action against those who do not comply with such requirements without a reasonable excuse.
- CNA/wm
