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 "Singaporean" car trader fined $2M for "tax evasion"

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"Singaporean" car trader fined $2M for "tax evasion" Vide
PostSubject: "Singaporean" car trader fined $2M for "tax evasion"   "Singaporean" car trader fined $2M for "tax evasion" Icon_minitimeFri Oct 16, 2009 5:03 pm
PARALLEL car importer Ang Hian Koon admitted to evading $729,000 in Customs duty and $219,000 in Goods and Services Tax (GST) on 1,004 cars brought in from January to July 2007.

He was fined $1.909 million on Thursday. As the 36-year-old was unable to pay the fine, he will serve 52 weeks in jail instead.

According to court documents, business associate Tay Kien Chuan, 33, suggested in 2006 that Ang set up Allied Auto as a sole proprietorship to import cars from Japan.

Tay ran the show but Ang was aware that the value of the imported vehicles had been under-declared.

Documents and computers seized from Allied Auto's premises in Toh Guan Road by Singapore Customs revealed that Tay had collaborated with the Japanese suppliers to suppress the value of the imports.

This way, the cars were subject to lower duties and GST than if their actual values had been declared.

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"Singaporean" car trader fined $2M for "tax evasion" PgkowJT
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