SINGAPORE - The taxman recovered a total of $175 million in goods and services tax and penalties between January and September this year, following audits and investigations of over 2,000 GST-related cases.
For cases stemming from investigations that did not arise from audits but may have been sparked by a tip-off, FY 2018 saw $37.5 million in taxes and penalties recovered from 155 cases, past reports showed. "Family members usually take on various business roles from sales to accounting. Some of these businesses which are handed from the founders to their successors tend to also pass down old, manual methods of accounting and record-keeping."
The tax authority said a total of 16 people are currently assisting Iras in investigations for their suspected involvement in tax evasion and failure to register their businesses for GST. On the final day of the wake, the client typically pays in cash using the contributions collected from family and friends. The undertaker, in turn, pays the sub-contractors with the cash received."As sales and expenses may not be properly recorded, the business may not keep track of their annual taxable turnover and fail to register for GST on time," said Iras."The business may also file incorrect tax returns resulting in tax omission.
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.
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »