http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_338274.html
Jail, penalty for GST cheat
By Elena Chong
AFTER 10 years of tax evasion, Teo Kiok Seng, 45, has been slapped with the maximum two-year jail term and a $1.5 million penalty.
The accountant assisted his company, United Team Enterprise (UTE), in evading tax by making false entries in goods and services tax (GST) returns 40 times between 1996 and 2007.
District Judge May Mesenas set the penalty at three times the amount of tax undercharged.
Initially, Teo was a director of UTE, a general wholesale trade company, until he gave up the position in July 2003 to take on the role of accountant.
Investigations by the Inland Revenue Authority of Singapore (Iras) showed that Teo submitted fake input tax claims in UTE's GST returns when the company was dormant.
Read the full story in today's edition of The Straits Times.
Jail, penalty for GST cheat
By Elena Chong
AFTER 10 years of tax evasion, Teo Kiok Seng, 45, has been slapped with the maximum two-year jail term and a $1.5 million penalty.
The accountant assisted his company, United Team Enterprise (UTE), in evading tax by making false entries in goods and services tax (GST) returns 40 times between 1996 and 2007.
District Judge May Mesenas set the penalty at three times the amount of tax undercharged.
Initially, Teo was a director of UTE, a general wholesale trade company, until he gave up the position in July 2003 to take on the role of accountant.
Investigations by the Inland Revenue Authority of Singapore (Iras) showed that Teo submitted fake input tax claims in UTE's GST returns when the company was dormant.
Read the full story in today's edition of The Straits Times.
