Singapore
Apr 16, 2010
Partners jailed for tax evasion
<!-- by line --> By Elena Chong
<!-- end by line -->
TWO partners of a chemical treatment business were each jailed for two weeks and ordered to pay a penalty totalling $361,624 on Friday for tax evasion. Lim Seow Hong, 56, and Zhu MinZi, 43, were convicted of two charges each of making false entries by under-declaring their share of profits from Advanced Chemical Treatment in 2005 and 2006. The two women had to pay $181,357 and $180,178 respectively, equivalent to three times the amount of unpaid tax.
The court heard that the pair intentionally reported lower sales amounts in their partnership income tax returns and statement of accounts for years of assessment 2006 and 2006. The total sales amount under-declared was $669,258. Both also under-reported their share of profits in their personal income tax returns. They could each have been fined up to $10,000 or jailed for up to three years or both per charge.
Apr 16, 2010
Partners jailed for tax evasion
<!-- by line --> By Elena Chong
<!-- end by line -->
TWO partners of a chemical treatment business were each jailed for two weeks and ordered to pay a penalty totalling $361,624 on Friday for tax evasion. Lim Seow Hong, 56, and Zhu MinZi, 43, were convicted of two charges each of making false entries by under-declaring their share of profits from Advanced Chemical Treatment in 2005 and 2006. The two women had to pay $181,357 and $180,178 respectively, equivalent to three times the amount of unpaid tax.
The court heard that the pair intentionally reported lower sales amounts in their partnership income tax returns and statement of accounts for years of assessment 2006 and 2006. The total sales amount under-declared was $669,258. Both also under-reported their share of profits in their personal income tax returns. They could each have been fined up to $10,000 or jailed for up to three years or both per charge.
