Business Owner Jailed For GST Fraud
Tuesday, 8th November 2011
Tan Kim Teck, a 44-year old self-made businessman, was jailed for eight months. He was earlier charged with tax evasion and failing to keep proper business and accounting records. According to courts document, Mr Tan burnt his business records to destroy evidence of fraud. Tan Kim Teck was also ordered to pay a restitution (fine) of $413,880. He had filed documents to deceive by false appearance to the Inland Revenue Authority (IRAS) into undercharging him S$137,960 in tax between 2000 and 2007.
He had admitted to 11 charges of creating false entries in his goods and services tax (GST) F5 returns to evade tax, and three charges for destroying supporting documents. Another 18 charges were taken into consideration. According to investigations done by IRAS, it showed that he had made input tax claims from IRAS for goods that did not enter Singapore. These goods were moved from importing vessel to exporting vessel and do not incur any GST. And he claimed for them as Tax refund.
Photo Credit: Flickr
The 44-year-old sole proprietor of TKT Trading (UEN:52822085C) that deals in automotive components.