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

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

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 ...

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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 »