Something weird here - she earned nearly $1m in two years and has no money to pay a $185,000+ fine?
The Straits Times
www.straitstimes.com
Published on Nov 22, 2012
Remisier jailed for tax evasion
By Elena Chong
A remisier was jailed for one week and ordered to pay a total penalty of $185,849 on Thursday for under-reporting her income to the tax authority.
Teo Joo Hiang, 52, will serve another five months and two weeks' jail as she could not pay the penalty which is three times the amount of tax evaded.
This is the first case where a remisier has been charged under the Income Tax Act for tax evasion.
She pleaded guilty to making a false entry in her tax return for the year of assessment 2010 that her brokerage income from Phillip Securities was $258,164 when it was $676,216.
For the year of assessment 2009 she made a false entry that she earned $158,920 when the actual figure was $269,258.
Two other charges were withdrawn and compounded for a sum of $93,380.
She could have been fined up to $10,000 and/or jailed for up to three years per charge plus a penalty of treble the amount of tax undercharged.
The Straits Times
www.straitstimes.com
Published on Nov 22, 2012
Remisier jailed for tax evasion
By Elena Chong
A remisier was jailed for one week and ordered to pay a total penalty of $185,849 on Thursday for under-reporting her income to the tax authority.
Teo Joo Hiang, 52, will serve another five months and two weeks' jail as she could not pay the penalty which is three times the amount of tax evaded.
This is the first case where a remisier has been charged under the Income Tax Act for tax evasion.
She pleaded guilty to making a false entry in her tax return for the year of assessment 2010 that her brokerage income from Phillip Securities was $258,164 when it was $676,216.
For the year of assessment 2009 she made a false entry that she earned $158,920 when the actual figure was $269,258.
Two other charges were withdrawn and compounded for a sum of $93,380.
She could have been fined up to $10,000 and/or jailed for up to three years per charge plus a penalty of treble the amount of tax undercharged.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/