Man jailed and fined over S$1.4 million for instigating son to evade taxes on luxury watch business
2 sources · Singapore · 2 of them are linked to a state
Who reported this
- CNA
- The Straits Times
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
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Every source for this story reports from Singapore.
A 61 year old man, Pang Chuan Wah, was sentenced on September 7 to 14 months in jail for instigating his son to evade taxes on a luxury watch and jewellery business. Pang was ordered to pay a total penalty of more than S$1.4 million, which includes S$1,055,361.60 to the consolidated fund and S$371,446.92 to the Inland Revenue Authority of Singapore (IRAS).
Between 2018 and 2020, Pang instigated his son, Pang Guo Long, to provide false information and understated income figures in individual income tax returns. This resulted in an income tax undercharge of over S$350,000. Additionally, Pang instructed his son to conceal the business's liability to register for GST by reporting sales of approximately S$920,000, despite actual sales exceeding S$10 million. This action led to a GST undercharge of over S$100,000.
The business, KB Luxury Watch and Jewellery, was the sole proprietorship of the son. While one source notes that the father managed and directed the business operations and tax matters, another source states that court documents did not specify the father's role in the business. The case involving the son is still before the courts.
IRAS stated that it takes a serious view of tax evasion and that offenders may face jail terms and penalties of up to four times the amount of tax evaded. This case marks the first prosecution involving a business in the pre-owned luxury watch industry.
How each side framed it
- Centre
- The center outlet framed the event as a broader warning about tax compliance, including data on total taxes recovered by IRAS.
- Centre-right
- The center-right outlet focused more on the specific legal proceedings and the pending court case of the son.
Sources
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