Investment company and director fined for declaring incorrect directors' fees in tax returns

SINGAPORE: An investment company's controlling director has been fined S$25,000 and ordered to pay a penalty of S$955,580 for declaring incorrect expenses of directors' fees in corporate income tax returns over more than 10 years.

During an IRAS audit, Tan had claimed that the directors' fees were paid out to four directors in two lump-sum payments in the financial year 2006 and 2009. However, investigations showed that the four directors did not receive any payment of directors' fees, and that the payee of the fees was Tan.The money was eventually routed back into Hwa Luck Investment's corporate bank account.

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Investment firm gets S$25,000 fine, S$955,580 penalty for incorrect declaration in tax returns: IrasTHE Inland Revenue Authority of Singapore (Iras) on Monday said Hwa Luck Investments and its controlling director Tan Hwa Luck were convicted for incorrect declaration of directors' fees in the company's corporate income tax returns. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »