Serious [ Singapore News ] Beware of Indian : Director defraud Government's PIC Cash

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An honorable member of the Coffee Shop Has Just Posted the Following:

http://www.straitstimes.com/singapor...y-100k-penalty

Construction company director fined $3,500 for PIC fraud, to pay $100k penalty

Published
17 min ago
Ng Huiwen

SINGAPORE - A director of a construction company was fined $3,500 and ordered to pay a penalty of about $100,000 for abusing the Productivity and Innovation Credit (PIC) scheme.

Selladorai Dharmalingam, the sole director of Al Bright Construction, was convicted of giving false information to illegally obtain a PIC cash payout and bonus for his company.

The 45-year-old had submitted a PIC cash payout appplication form on June 2013 for an electric overhead crane costing $84,102.

He received a cash payout of $50,461 and a PIC bonus of $15,000.

However, investigations by the Inland Revenue Authority of Singapore (IRAS) revealed that no such equipment had been purchased.

The court ordered Selladorai to pay a penalty of $100,922, twice the amount of PIC cash payout and PIC bonus that was wrongfully obtained.

IRAS said in a statement that it takes a serious view of any attempt to defraud the Government.

Offenders convicted of PIC fraud will have to pay a penalty of up to four times the amount of cash payout fraudulently obtained and a fine of up to $50,000. Offenders may also be jailed up to five years.

Those who provide information leading to a recovery of tax that would have otherwise been lost would be given a reward of 15 per cent of the tax recovered, up to $100,000.

Topics: IRAS SINGAPORE COURTS


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