CRS

What is Common Reporting Standard (CRS)?

Like many other countries, Singapore’s government allows and encourages non-residents and businesses to open accounts and conduct business. These entities, however, are required to register for the Common Reporting Standard, or CRS. As a result, reports containing their account details are sent to their local tax administrators. The CRS is made to remove tax evasions,…

Notice of Assessment

What is a Notice of Assessment (NOA)?

The Inland Revenue Authority of Singapore (IRAS) issues the Notice of Assessment (NOA) as a document to inform taxpayers of their tax assessment for a specific year. The total amount of tax due from the taxpayer will be listed in the NOA. Which Four Different Types of Notices of Assessment are Filed with Company Income…

Tax Evasion

Penalties for Tax Evasion in Singapore

Governments enact tax regulations to make sure that people pay all the taxes they should be paying. However, some people try to avoid making such tax payments by engaging in either tax evasion or tax avoidance. These two actions are not equivalent, though. The main distinction is that tax avoidance is permissible while tax evasion…

Night Club Operator Sentenced to Jail and Penalties for GST Evasion and Money Laundering

SINGAPORE: Soon Kok Khoon (“Soon”), the operator of Club Posh Entertainment LLP (“CPE”) and West Palace Entertainment (“WPE”) (collectively, the “Clubs”), has been sentenced by the Court to six months and 34 weeks imprisonment and ordered to pay penalties totalling $630,861, after being convicted of offences involving Goods and Services Tax (GST) evasion and money-laundering.…