Food Court Owner cheated taxman S$45K!!
I wonder if error88 has got anything to do with it?
Businessman gets six months jail for tax evasion
Channel NewsAsia
Channel NewsAsia - Saturday, December 13
SINGAPORE : For six years, a businessman under—declared his profits earned from his food court operations and cheated the tax man of S$45,728.49.
On Friday, Ang Tin Yong was jailed for six months on six counts of tax evasion. The 48—year—old was also ordered to pay a penalty of three times the amount of tax undercharged, which amounted to S$137,185.47.
Another eight charges of tax evasion were withdrawn and compounded, for which Ang had to pay an additional S$154,059.24 in tax and penalties. In all, this is the heftiest sentence meted out so far to a food and beverage operator for tax evasion.
The accused — a partner of All Family Food Court, Palm View Food Court and Palm Valley Food Court — had understated the revenue from all three businesses in the statement of accounts for submission to the Inland Revenue Authority of Singapore (IRAS).
Partners in businesses are taxed on their share of profits based on the profit sharing ratios agreed by the respective partners. They are also responsible for declaring their share accurately in their individual income tax returns.
Instead of doing that, Ang falsified the net profits reflected in his statement of accounts in order to declare smaller profits.
But the IRAS wised up to the ruse and conducted a raid on Ang’s home and office in Pasir Ris to retrieve his financial records.
In mitigation, the businessman apologised and pleaded for leniency. He also asked that his sentence be deferred till the end of Chinese New Year because he needed to close his company’s accounts and prepare the bonuses for his employees.
"I didn’t know that my sentence would be so long I had only pleaded guilty because I wanted to save the court’s time," he claimed.
But District Judge Miranda Yeo rejected the request and Ang — who is now out on S$20,000 bail — has until Dec 29 to settle his affairs.
He could have been fined up to S$10,000 and/or jailed for up to three years on each charge. When an individual has been convicted of three or more charges under the Income Tax Act, he is liable for to serve no less than six months’ jail time.
Ang is the third F&B operator prosecuted by IRAS for tax evasion since Loo San Cheng, the sole proprietor of Tip Top Curry Puff was jailed for a month and made to pay a penalty of three times the amount of tax undercharged of S$65,398.36.
In January, Ong Guan Hwa — partner of Hup Lee Frozen Food — was jailed for three weeks and ordered to pay three times the amount of tax undercharged of S$28,963.48. — TODAY
I wonder if error88 has got anything to do with it?
Businessman gets six months jail for tax evasion
Channel NewsAsia
Channel NewsAsia - Saturday, December 13
SINGAPORE : For six years, a businessman under—declared his profits earned from his food court operations and cheated the tax man of S$45,728.49.
On Friday, Ang Tin Yong was jailed for six months on six counts of tax evasion. The 48—year—old was also ordered to pay a penalty of three times the amount of tax undercharged, which amounted to S$137,185.47.
Another eight charges of tax evasion were withdrawn and compounded, for which Ang had to pay an additional S$154,059.24 in tax and penalties. In all, this is the heftiest sentence meted out so far to a food and beverage operator for tax evasion.
The accused — a partner of All Family Food Court, Palm View Food Court and Palm Valley Food Court — had understated the revenue from all three businesses in the statement of accounts for submission to the Inland Revenue Authority of Singapore (IRAS).
Partners in businesses are taxed on their share of profits based on the profit sharing ratios agreed by the respective partners. They are also responsible for declaring their share accurately in their individual income tax returns.
Instead of doing that, Ang falsified the net profits reflected in his statement of accounts in order to declare smaller profits.
But the IRAS wised up to the ruse and conducted a raid on Ang’s home and office in Pasir Ris to retrieve his financial records.
In mitigation, the businessman apologised and pleaded for leniency. He also asked that his sentence be deferred till the end of Chinese New Year because he needed to close his company’s accounts and prepare the bonuses for his employees.
"I didn’t know that my sentence would be so long I had only pleaded guilty because I wanted to save the court’s time," he claimed.
But District Judge Miranda Yeo rejected the request and Ang — who is now out on S$20,000 bail — has until Dec 29 to settle his affairs.
He could have been fined up to S$10,000 and/or jailed for up to three years on each charge. When an individual has been convicted of three or more charges under the Income Tax Act, he is liable for to serve no less than six months’ jail time.
Ang is the third F&B operator prosecuted by IRAS for tax evasion since Loo San Cheng, the sole proprietor of Tip Top Curry Puff was jailed for a month and made to pay a penalty of three times the amount of tax undercharged of S$65,398.36.
In January, Ong Guan Hwa — partner of Hup Lee Frozen Food — was jailed for three weeks and ordered to pay three times the amount of tax undercharged of S$28,963.48. — TODAY
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