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 First practising CPA jailed for tax evasion

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PostSubject: First practising CPA jailed for tax evasion   Wed Apr 29, 2009 11:45 am

First practising CPA jailed for tax evasion
By Zhang Tingjun, Channel NewsAsia | Posted: 28 April 2009 1900 hrs


SINGAPORE: A 51-year-old has become the first practising Certified Public Accountant (CPA) to be convicted and jailed for tax evasion.

The Inland Revenue Authority of Singapore (IRAS) said Chng Chor Tong, who ran his own company C T Chng & Co, had made false entries on his income tax returns and had 11 charges amounting to under-reported income of close to S$2.5 million.

He was convicted on three charges and sentenced to a total of six months in jail and a fine of S$75,200.52.

Investigations by IRAS also found that Chng was involved in tax evasion in a client's case. He has separately paid S$200,000 for compounding his offence, in abetting the client's tax offence.

In a separate case, a corporate secretarial and bookkeeping company, OT Corporate Services (OTCSPL), has become the first company in Singapore to be convicted under a new law (Section 96A), which was enacted to deter serious tax evasion such as having false books of accounts.

The offence carries a heavy penalty of four times the amount of tax evaded.

On the first charge, the company was fined S$5,000 for omitting income on its tax return and ordered to pay a penalty of three times the undercharged tax of S$64,403.76.

On the second charge of keeping a false record for subcontractor expenses, it was ordered to pay a fine of S$10,000 and four times the tax undercharged, amounting to S$191,925.92.

The IRAS said it would impose lower penalties for errors disclosed voluntarily by taxpayers. Those who wish to disclose any errors made in their declarations or to report malpractices of others should write to iid@iras.gov.sg.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/425536/1/.html
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