From "capitalist" Singapore: Jail, penalty for tax evasion

AN AUTOMATIVE spare parts trader was jailed for one month and two weeks and ordered to pay a penalty totalling $183,089 on Friday for evading Goods and Services Tax (GST) and income tax.

Danny Lee Chin Beng, 43, was convicted of two counts of omitting $152,516 earned from his income tax return for the year of assessment 2007, and another $142,141 the following year.

He also admitted to two charges of understating output tax in his GST returns in 2005 and 2006.

Lee, owner of Sourcing and Procurement Asia-Pacific, had 13 other charges considered during his sentencing.

In all, he faced 13 charges of failing to account for GST of $111,455 collected from customers between April 2003 and September 2006.

He was also charged with under-reporting income of $900,782 from S&P and evaded $150,266 in income tax from 2004 to 2007.

The penalties imposed on the income tax and GST offences is three times the amount of tax undercharged.

In a statement, Inland Revenue Authority reminded all business to keep proper records and accounts of all their transactions.

The court imposes severe penalties for tax evasion and tax fraud offences.

ANCAPS: ANARCHO-CAPITALISTS

From "capitalist" Singapore: Jail, penalty for tax evasion

From "capitalist" Singapore: Jail, penalty for tax evasion

Anarcho-Capitalist Categorical Imperatives

Via AnCaps: Law & Enforced Unnatural Order