Businessman pleads guilty to tax evasion

[Taishi Ci]

Businessman pleads guilty to tax evasion
By Shaffiq Alkhatib | Posted: 20 August 2010 1730 hrs
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SINGAPORE : A businessman has pleaded guilty to four counts of tax evasion by omitting more than S$315,000 in his returns.

As a result, the total amount of taxes undercharged came up to more than S$61,000.

For committing the offences, 43-year-old Danny Lee Chin Bing would have to pay a penalty of over S$183,000, which is three times the total amount of undercharged taxes.

The sole proprietor of Sourcing and Procurement Asia-Pacific, a company dealing in automotive parts, admitted on Friday that he had omitted nearly S$300,000 in his Income Tax return in 2007 and 2008.

He also omitted some S$20,000 from his company's GST returns in July 2005 and January 2006.

Lee originally faced 24 tax evasion charges in all.

Seven were withdrawn while the rest were taken into consideration.

Lee will be back in court next Friday.

For omitting the monies in his GST returns, he can be jailed up to seven years, fined a maximum of S$10,000 or both, for each charge. - CNA/ms