01 Jan '12, 8pm

UnUsUal Entertainment fined for underpaying GST

SINGAPORE - Events promoter and organiser UnUsUal Entertainment Pte Ltd (UEPL) has been found guilty of failing to ensure that its tax returns were accurate, resulting it underpaying S$502,922.27 in Goods and Services Tax (GST). It was yesterday ordered to pay a penalty of S$601,632.72 and a fine of S$10,000. The company had pleaded guilty to four charges of under-declaration of GST without reasonable excuse, and four remaining charges were taken into consideration for sentencing. In a media statement issued yesterday, the Inland Revenue Authority of Singapore (IRAS) said that its investigations had revealed that UEPL had wrongly declared its output tax for 2005 and 2006. IRAS investigators had noticed that sales figures submitted by UEPL for income tax purposes did not tally with the sales figures reported for output tax for 2005 and 2006. Further checks revealed that UEP...

Full article: http://www.todayonline.com/Singapore/EDC111231-0000024/Un...

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