Ng Wee Kheng (“Ng”) is working as a sole proprietor of SME Grant Assist (“SGA”). He has been involved in providing the service of consultancy for the customers to make upon some Productivity Innovation Credit (PIC) claims. Well, it has been recently reported that he has been found guilty in a court session as in the making upon with some false and fake entries in the Income Tax returns which are around $1.28 million in terms of the trade income. This has been resulting in the total amount, which is approximately $246,992 in the tax evaded in favour of Years of Assessment (“YAs”) 2015 till the year 2016.
Jail Sentence and Penalty Charges on Ng
Ng has been pleaded guilty in terms of making upon two proceeded charges as in the making with some fake entries. This was done as a willful intent to evade the tax in his Income Tax returns. The Court has sentenced Ng with the jail term of around six months. Plus he has been ordered to pay the penalty of an amount which is three times more than the amount of evaded tax. This makes the total amount of $740,978.
IRAS has conditionally taken serious action given the tax evasion as well as non-compliance. There is a channel of severe penalties for all those people who have been willfully trying to evade the tax. The authority will not be hesitating all in bringing the offenders in front of the court trial sessions. Offenders will be facing a considerable penalty no matter whether they have been connected with prominent Company incorporation.
This time just the three times more penalty has been imposed. But it is possible enough that next time in case any offender has been caught, he will be imposed with the penalty which is four times more. Besides, some jail terms will also be imposed who are not loyal in their secretarial Services.
Reward for the Informant
There has been a charge of reward that is also imposed. The reward has been based upon the 15% of the wholesome tax that is recovered. This will be capped at the range of around $100,000. This amount will be given away to the informants who have provided any information or the document. These informants will be working to recover the tax, which might have been lost at some point in time. All the payments are at the timeline of discretion of the Comptroller. IRAS will make sure that the identity of all the informants will be kept confidential and under the cover. They can even complaint against those people who are not loyal in terms of providing accounting services in Singapore.
All the individuals who have been associated with the Corporate Tax services they are encouraged to open about any tax mistake which they have made in previous years. Although they will be guilty in it, less penalty and jail sentence will be imposed on them. It might be possible that no such action will be taken against them as they are accepting their mistake on their own.