30 Dec '11, 6am

Unusual Entertainment found guilty of under-declaration of GST

SINGAPORE: A local promoter and organiser of shows and entertainment acts has been slapped a penalty of about S$600,000 and a fine of S$10,000 for failing to ensure that its tax returns are accurate. The taxman took Unusual Entertainment Pte Ltd (UEPL) to court for wrongly stating the output tax in its Goods and Services Tax (GST) returns. This resulted in an underpayment of S$502,922.27 in GST. The Inland Revenue Authority of Singapore (Iras) said on Friday that UEPL pleaded guilty to four charges of under-declaration of GST without reasonable excuse. Four remaining charges were taken into consideration for sentencing. Iras said UEPL had wrongly declared its output tax for 2005 and 2006. The discrepancy was noticed when its investigators found that sales figures submitted by UEPL for income tax purposes did not tally with the sales figures reported for output tax for 2005...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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