His incorrect tax returns led to more than S$250,000 in tax being undercharged across three financial years, and his failure to register for GST when his businesses' taxable supplies exceeded S$1 million for four consecutive quarters led to him owing a total net GST of almost S$287,000.
His incorrect tax returns led to more than S$250,000 in tax being undercharged across three financial years, and his failure to register for GST when his businesses' taxable supplies exceeded S$1 million for four consecutive quarters led to him owing a total net GST of almost S$287,000.
Form B requires a taxpayer to report, among other things, income derived from a trade, business profession or vocation. This involves providing information on the revenue, gross profit or loss, allowable business expenses and adjusted profit or loss for the businesses in question. The returns also did not account for the profits that Tay made from two of the businesses for YA2011 and YA2012 respectively.
For the returns for YA2013, Tay filed his income tax returns online, but also did not fully report the income and expenses of his businesses. He also failed to report the losses of Defu Veterinary Clinic. Investigations revealed that the total value of the businesses' taxable supplies for four consecutive quarters exceeded S$1 million on Jun 30, 2010.
He said Tay's knowledge was"so limited" that he did not even take into account losses when submitting debt returns.
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