SINGAPORE: Two landlords who omitted hundreds of thousands of dollars in rental income from their income tax returns were on Wednesday (Dec 19) fined and made to pay penalties of more than S$100,000 each.
Lim Moy Hai, 68, and Chua Kok Khoon, 20 years his junior, co-owned 11 properties in areas like Yishun, Bukit Batok, Ang Mo Kio and Tampines.
AdvertisementLim has another five properties that were either under his name or shared with others.
Between 2011 and 2013, Lim did not declare about S$352,000 in rental income that he received from his properties.
Other than the ones he shares with Chua, Lim rented out properties in Pasir Ris, Kaki Bukit and Jalan Bukit Merah.
His co-accused Chua omitted S$299,769 from his income tax returns for the years 2012 to 2014.
AdvertisementAdvertisementBoth pleaded guilty on Wednesday. Lim was fined S$9,000 and made to pay a penalty of S$121,911.34, twice the undercharged income tax, while Chua was fined S$7,500 and given a penalty of $113,209.50.
The court granted their request to pay the penalties in instalments, to be completed by December next year.
The Inland Revenue Authority of Singapore said in a statement that it takes a serious view of non-compliance and tax evasion and will not hesitate to bring offenders to court.
Penalties for tax evasion can be up to four times the amount of tax evaded, and offenders could also be jailed.
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