Updated: 09/04/2013 22:14 | By Channel NewsAsia
Company pleads guilty to using false invoices to get cash payout
SINGAPORE: A computer equipment and hardware wholesaler company on Wednesday pleaded guilty to using false invoices to get a cash payout.
According to court documents, the company, Greenit made a claim for a cash payout under the Productivity and Innovation Credit (PIC) Scheme.
Under the Income Tax Act, a person who has incurred capital expenditure on any PIC automation equipment can obtain a cash payout based on 30 per cent of up to S$200,000 of the qualifying expenditure incurred.
Investigations revealed that the company falsely made a claim for the cash payout for the purchase of computer equipment worth S$193,812.
It then obtained a cash payout of S$58,143 under the scheme.
However, investigations showed that the company had, in fact, spent only S$1,500 on low-value and used computer equipment.
The company had also declared that it had acquired the various pieces of equipment between 15 May 2010 and 6 June 2010 in order to qualify for the payout.
Investigations showed that the expenses had been incurred only in January 2011, outside the period of assessment for 2011.
Greenit's director and general manager, Khoo Tzyh Shin, also pleaded guilty to a separate charge of assisting the company in obtaining the cash payout by arranging the preparation and use of the two false invoices.
The case will be heard in court again on September 19. - CNA/nd
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