Day: April 27, 2013

A Singaporean sole proprietor was sentenced to jail and fined more than $500,000 recently after being convicted by the court for failing to declare his business income to IRAS. The amount of business income omitted was more than $1 million dollars over three years of assessments. Accordingly, this resulted in an undercharged income tax of… Continue reading Sole-proprietor jailed for omitting business income from his tax returns