SINGAPORE: The nightclub operator was jailed and penalised more than S$630, 000 on Tuesday (Sep 13) after he was convicted of products and Services Tax (GST) evasion plus money laundering accidents.
Quickly Kok Khoon, the particular operator of Golf club Posh Entertainment and West Palace Enjoyment, was found to have helped the night clubs make false records in their GST earnings “with wilful intent” to evade the particular tax, the Singapore Police Force (SPF) and the Inland Revenue Power of Singapore (IRAS) said in a mutual news release.
He was convicted associated with three counts of GST evasion and ordered to pay a penalty of S$630, 861, three times the S$210, 287 in GST he evaded. An additional five charges had been taken into consideration during the sentencing.
In addition , Quickly was found doing three counts of money laundering involving the disguise of residence amounting to S$3, 214, 389. 5 other charges were also taken into consideration for that sentencing.
This individual received a prison term of more than thirteen months for their offences.
MAKING USE OF SHELL ENTITIES IN ORDER TO DIVERT REVENUE
In 2016, Shortly instructed accountants with Club Posh Entertainment and West Palace Entertainment to leave out reporting the clubs’ sales revenue, primarily from the sale of flower garlands, as well as the result tax.
Customers would buy these types of flower garlands, priced between S$50 and S$100, 000, at the clubs. The garlands would then be delivered to performing artists identified by customer after payment.
Soon also instructed his staff members to divert the particular sales revenue from the clubs, which were GST-registered, to two shell entities using separate point-of-sale terminals associated with them, said SPF and IRAS.