1. Roland Tay, a well known undertaker in Singapore, was convicted on Sept 5 for under-declaring his income from his business for three years, resulting in a total of more than $250,000 in income tax being undercharged.
2. He must pay IRAS a total penalty of more than $529,000 for his tax related offences.
3. The court heard Roland Tay had relied on his employee and bookkeeper to file his tax returns.
4. It is important for you to account for all income earned in Singapore and file your tax returns to IRAS by the due date.
5. Whether you are an employee, a self-employed persons, earning rental income, a company, resident or non-resident of Singapore, if your income is earned in or derived from Singapore, it is chargeable to tax unless it is exempted.
6. Under-declaring income is very commonly practiced by many people out there. They always think that they will never be caught if nobody tells.
7. However, this group of people are clearly mistaken. As they say, walls have ears.
8. Therefore, invest in a good and reputable accounting firm like us so you can have a good night sleep every day.
