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SINGAPORE – An insurance agent, who underdeclared her commission income by nearly $2 million and did not account for goods and services tax (GST) of about $320,000, has been fined more than $660,000.
Chew Wai Ling, 56, was ordered to pay a total of $663,008 in fines and penalties after she was found guilty of her offences.
Investigations by the taxman showed that Chew did not declare her total commission income of $1.96 million that she earned in 2009 and 2010.
The investigations also found that she had made taxable supplies amounting to more than $1 million in 2007, the Inland Revenue Authority of Singapore (Iras) said in a statement on Wednesday (Nov 27).
She was required to notify the Comptroller of GST and register for GST by January 2008. She failed to do so.
As a result, she did not account for $320,412 in taxes.
For filing incorrect returns without a reasonable excuse, Chew was fined $6,000 and ordered to pay a penalty of $621,967, which is twice the amount of income tax undercharged due to the commission income she underdeclared.
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