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GST Cheat to pay $1.5m

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Home > Breaking News > Singapore > Story
Feb 13, 2009
GST Cheat to pay $1.5m <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Elena Chong

</td></tr> </tbody></table> <!-- START OF : div id="storytext"--> A MAN who helped his company to cheat the state of $1 million in Goods and Services taxes over a 10-year period was jailed for two years on Friday. Teo Kiok Seng, 45, who pleaded guilty to 40 counts of helping United Team Enterprise (UTE) evade tax by making false entries in the GST returns, was also ordered to pay a penalty of $1.5 million. The amount involved in the proceeded charges was $511,980. Another 86 charges were considered during his sentencing.

The court heard that Teo was a director of UTE, a trading company, from 1993 to 2003 when he gave it up to take on the accountant role. Teo, who does part-time consultancy work, continued to submit GST declarations on the company's behalf. Inland Revenue Authority of Singapore's investigations showed that he had submitted fake input tax claims in the company's GST returns from 1996 to 2007 when the company was dormant.
He falsely declared export figures and purchases with GST incurred to make fictitious refund claims on GST when no business activities were done. Under the GST Act, he could have been fined up to $10,000 or jailed for up to seven years or both on each charge in addition to a penalty of three times the total tax undercharged.
 
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