SINGAPORE - The owner of a consultancy service firm was jailed for six months and fined around $741,000 for under reporting $1.28 million in trade income.
Ng Wee Kheng, owner of SME Grant Assist, pleaded guilty to two proceeded charges of making false entries in his tax return with the wilful intent to evade income tax, the Inland Revenue Authority of Singapore (Iras) said in a statement on Monday (Dec 23).
This resulted in almost $250,000 in tax evaded from the years of assessment 2015 to 2016.
His company, SME Grant Assist, provides consultancy services for customers to make production and innovation credit claims.
"Businesses or individuals are encouraged to immediately disclose any past tax mistakes. Iras will treat such disclosures as mitigating factors when considering the action to be taken," Iras said.
Those who wish to disclose past mistakes, reveal evaded taxes, or report malpractices related to tax evasion can send an e-mail to firstname.lastname@example.org or write to Iras.
For informants, a reward of 15 per cent of the tax recovered, capped at $100,000, will be given if the information and documents lead to a recovery of tax that would otherwise have been lost.
All payments are at the discretion of the Comptroller, and Iras will ensure that the identities of informants are kept confidential.
This article was first published in The Straits Times. Permission required for reproduction.