As readers may know, tax evasion is illegal but tax avoidance is not. Tax avoidance refers to tax planning, while tax evasion refers to dishonest statements and documents and dishonest concealment of income.
Seah Boon Huat, a director of a construction company, was recently sent to jail for 8 months for tax evasion. He had created fictitious payment vouchers amounting to over $1 million. These were used to show that his company, Project Building Construction, had made these payments to sub-contractors. The company was also fined $60,000 and ordered to pay a penalty of over $1 million.
As for Seah, his financial penalty was the same, and all this for a tax saving of $265,000.
Seah Boon Huat, a director of a construction company, was recently sent to jail for 8 months for tax evasion. He had created fictitious payment vouchers amounting to over $1 million. These were used to show that his company, Project Building Construction, had made these payments to sub-contractors. The company was also fined $60,000 and ordered to pay a penalty of over $1 million.
As for Seah, his financial penalty was the same, and all this for a tax saving of $265,000.
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