Finance executive jailed for helping company evade tax

[Zhang He]

Finance executive jailed for helping company evade tax
Posted: 26 November 2010 1557 hrs
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SINGAPORE: A finance executive has been jailed for two weeks for helping his company, T.E. Fasterners, evade tax.

51-year-old Toh Joo Hock was also ordered to pay a penalty of $735,036.

The company was ordered to pay a penalty of $735,000 in addition to a $12,000 fine.

In sentencing Toh, the judge said that the amount of income under-declared for the Years of Assessment 2006 to 2008, was significant.

The amount of income under-declared amounted to $1,639,060.

Investigations revealed that Toh had created fictitious entries in the company's accounts.

He also deliberately inflated the purchase amounts so as to under-report the company's net profit in its income tax returns for the Years of Assessment 2006 to 2008.

- CNA/fa