SINGAPORE — Over six years, the director of a silk printing company avoided paying about S$172,000 in income tax as well as Goods and Services Tax by hiding cash sales from the firm’s accountant.
Loh pleaded guilty to 10 charges under the Income Tax Act and GST Act in relation to evading about S$77,000 in taxes; In total, Loh under-declared income amounting to about S$866,000. Of this, S$715,000 was deposited into his OCBC account, with S$101,830 constituting the benefits of his criminal conduct because it should have been paid as taxes.
Loh consulted the accountant Yong Mee Kiang, who suggested that adjustments be made to the firm’s stock inventories to “make the profits look nicer” before applying for the refinancing.
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