Toh Joo Hock, the finance executive of T.E. Fasteners Pte. Ltd., a business dealing in the wholesale, import and export of fasteners, was found guilty of assisting TEFPL to evade tax on income of $1,639,060 for the Years of Assessment 2006 to 2008. He was jailed 2 weeks and ordered to pay a penalty of $735,036.
Investigations reveal that Toh Joo Hock created fictitious entries in the accounts of TEFPL when there were no such business transactions by TEFPL. He also deliberately inflated the purchase amounts so as to under-report TEFPL’s net profit in its income tax returns for the Years of Assessment 2006 to 2008. TEFPL, for wilfully evading tax, was convicted of tax evasion and sentenced to pay a fine of $6,000 for the first charge and $6,000 for the second charge.
The company was also ordered to pay a penalty of $735,036. A third charge was taken into consideration in sentencing.