THE Event
The Taiwanese couple accused of conspiring to give misleading information to IRAS received five claims each under the Stamp Duties Act on Friday.
On September 24, 2021, Tan sold a portion of the private estate he owned to his mother.
In 2023, IRAS began conducting an investigation into the relevant deals and emailed Tan for details.
When questioned why he did not initially plan to buy the house with his mother, Tan reportedly claimed that he had made the decision to do so with the understanding that his family would provide for him financially.
He is also accused of lying about the fact that his family was unable to do so and that he had to include his family as a mutual owner in the loan application process.
Tan is even accused of giving IRAS false information in the form of shoddy WhatsApp information.
Tan and his family have not stated how they would admit. They may return to court in October.
Tan and Ng was receive sentences of up to two years in prison, a fine of up to S$ 10,000, or both if found guilty of providing false and misleading data to IRAS.
If it discovers tax evasion, IRAS said it will pay the correct amount of stamp duty to customers. There is no statute-imposed time limit for stamp duty reviews, and there is a fee of 50 % of the additional work payable.
The taxpayer advised purchasers to deliberately inform IRAS of their arrangements when they entered a two-step 99-to-1 property purchase agreement.  ,
” Depending on the circumstances, IRAS is prepared to consider such circumstances more favourably”, the organization added.
In May, Finance Minister Lawrence Wong announced that IRAS had reviewed 187 of these 99-to-1 cases, finding that about S$ 60 million in ABSD and fees would be recovered.