Ms Teo Joo Hiang, 52, a remisier, had pleaded guilty to two charges of making false entries in her income tax returns for the Years of Assessment (YA) 2009 and 2010.
She had declared brokerage income of $417,084, instead of the $945,474 brokerage income she earned from Phillip Securities Pte Ltd, and thus evaded $64,309 in taxes.
For under-reporting her income to IRAS, a one week’s jail was imposed. This is in addition to a penalty of $192,927, which is three times the amount of tax evaded.
Teo was unable to pay the penalty and would be serving an additional five months and two weeks’ jail. Two other charges were withdrawn and compounded for a sum of $93,380.
Source: Inland Revenue Authority of Singapore (IRAS)