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SINGAPORE: Seah Boon Huat, director of Project Building Construction, faces eight months' imprisonment and a fine of S$1,061,933.32 after pleading guilty to two counts of tax evasion charges.
His fine amount is four times the amount of tax evaded for the 2004 and 2005 Years of Assessment.
Seah, 56, is the first individual to be charged and convicted under Section 96A of the Income Tax Act.
Section 96A was enacted in 2003 to deter serious tax evasion such as preparation or maintenance of false books of accounts or other records.
He was believed to have created fictitious invoices between 2000 and 2005 to inflate expenses paid to sub-contractors. The inflated expenses during this period amounted to S$1,664,200.
He was then said to have forged their signatures, acknowledging receipt of payment.
Should Seah default on paying the fine, he faces ten months in jail. Project Building Construction, which Seah co-owns with his brother, also faces a separate fine of S$60,000.
- CNA/so
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