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Man jailed for GST fraud

easyshit74

New Member
A MAN who inflated the goods and services tax in his returns to get refunds he was not entitled to was jailed for three months for tax evasion on Wednesday.

Aerion Fabian Yeo Yue Yon, 41, was also ordered to pay a penalty of $119,327, being three times the amount of tax undercharged.

Yeo, owner of Spares International which traded in vehicle spare parts and accessories, pleaded guilty to four charges - two each of overstating the input tax and making false entries in his GST returns for the 2006 and 2007 accounting periods.

The total amount involved in the proceeded charges was $39,776.

Six other charges involving tax of $39,435 were taken into consideration.

The court heard that Yeo had inflated the GST input tax - tax incurred on purchases - in his returns from October 2004 to September 2006 to get refunds from the Inland Revenue Authority of Singapore (Iras) which he was not entitled to.

Investigation showed that he did not prepare any ledgers and had declared fictitious figures in his returns from October 2006 to March 2007.

He did this to settle his father's loan sharks.

Pressing for a jail sentence, Iras prosecutor Tham Siok Peng told District Judge Shaiffudin Saruwan that there were several aggravating factors in this case.

She said Yeo had, over a period of time, deliberately and systematically cheated the tax authorities. He was also not co-operative in the initial stages of investigation.

Yeo's lawyer, Mr Wong Tze Roy, said his client committed the offences out of sheer desperation and fearing the worst for his family who was harassed and threatened by his father's loan sharks.

He said Yeo was placed in a situation where he felt the pressing and urgent need to protect his elderly mother, wife and two children from danger.

Yeo was remorseful and had raised almost $80,000 to pay back Iras, he added.

He could have been fined up to $10,000 or jailed or up to seven years or jailed and fined on each of the four charges. He also has to pay a penalty of three times the amount of tax undercharged.

By Elena Chong
 
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