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Accountant pays S$270,983 for helping company evade tax
Posted: 07 March 2012 1223 hrs
SINGAPORE: A certified public accountant (CPA) has paid a heavy penalty for helping a company evade tax.
The Inland Revenue Authority of Singapore (IRAS) said on Wednesday that Ong Boon Lee, who owns Benedict & Associates, has to pay a total of S$270,983 for seven offences.
It includes the composition of S$37,096, which is three times the amount of tax evaded.
Ong was earlier charged with two counts of helping Darma Consultants falsify expenses in its income tax returns for the Years of Assessment 2005 and 2006 purportedly as payments to a shell company in the British Virgin Islands which he helped to set up.
IRAS said the two charges were withdrawn after taking into consideration additional facts and representations made by the defence counsel.
But Ong has to pay for seven offences of assisting the company to evade tax.
IRAS said it takes a serious view of such offences by errant tax agents.
It said tax agents have extensive knowledge and understanding of tax laws and are responsible for giving tax advice to help taxpayers fulfil their tax obligations.
- CNA/ck
