A 51-year-old man has pleaded guilty to tax evasion by failing to declare his rental income in his 2005 income tax returns.
Goh Ah Bah, who owns apartments in places such as Hougang, Bukit Batok and Yishun admitted that he did not declare some S$139,040 in rental income.
This means the total amount of tax undercharged is more than S$24,680.
Goh will be sentenced on October 13.
For committing the offence, he would have to pay the tax as well as a penalty of some S$74,000 which is three times the amount undercharged. The total works out to about S$98,750.
On top of the unpaid tax and penalty, he could also be fined a maximum of S$10,000 and jailed up to three years.
Source : Channel NewsAsia – 22 Sep 2010