Business owner gets 54 weeks' jail, must pay $1.7m for evading taxes, failing to keep proper records

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A sole proprietor who was convicted of evading goods and services (GST) tax, income tax and failing to keep proper business records has been jailed for 54 weeks and ordered to pay fines and penalties totalling $1,784,451. Investigations showed that Khoo Chin Huat, 66, had poor record-keeping habits and intentionally misreported the GST returns of his company, Sin Metal Industries,...

A sole proprietor who was convicted of evading goods and services tax, income tax and failing to keep proper business records has been jailed for 54 weeks and ordered to pay fines and penalties totalling $1,784,451.

Between Dec 31, 2012, and March 31, 2016, Khoo was found to have made false entries for GST returns and was subsequently undercharged $176,106. He also failed to keep invoices from suppliers and vendors, as required under the Income Tax Act, for the years of assessment from 2013 to 2017.

 

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