Both were made to pay penalties for omitting over $650,000 in rental income in their income tax returns.
Two landlords, Lim Moy Hai and Chua Kok Khoon, have been fined and made to pay penalties of over $100,000 each for omitting over $650,000 in rental income in their income tax returns, reported Channel NewsAsia.
The two co-owned 11 properties in Yishun, Ang Mo Kio, Tampines and Bukit Batok.
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Lim, 68, has five other properties under his name or shared with others. He omitted around $352,000 in rental income in his income tax returns between 2011 and 2013.
Aside from the properties he co-owned with Chua, who is 20 years his junior, Lim also rented out properties in Jalan Bukit Merah, Pasir Ris and Kaki Bukit.
Meanwhile, Chua did not declare $299,769 in rental income between 2012 and 2014.
With the two pleading guilty on Wednesday (19 Dec), the court ordered Lim to pay a fine of $9,000 and a penalty of $121,911.34 – which is double the undercharged income tax. Chua, on the other hand, was fined $7,500 and made to pay a penalty of $113,209.50.
Their request to pay the penalties in instalments until December next year has been allowed by the court.
In a statement, the Inland Revenue Authority of Singapore said it takes a serious view of tax evasion as well as non-compliance and will not hesitate to take legal action against offenders.
Aside from being jailed, offenders could face penalties of up to four times the amount of tax evaded.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
