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 over $188,000.
In recent years, IRAS has increasingly adopted data analytics as part of its arsenal to combat tax evasion. This is on top of regular audit checks and tip-offs from informants.
Therefore, make sure your tax matters are in the correct order before the taxman comes after you!
For avoiding penalties & fines, you must always hire a reliable tax advisor in Singapore.
