Tax Evasion: Hawker Jailed
Tip Top Curry Puff owner is jailed for tax evasion. Looi underreported earnings from his delicious curry puffs made with secret formulae. Apart from 2-week jail term, he has to pay a fine of almost $200000. The stall in Ang Mo Kio, near the polyclinic has a steady flow of customers and I would buy one when I am in the area.
It is important to declare earnings properly and do not think that you can get away with tax evasion. The IRAS can dig up information from eons ago and usually the fine is very hefty. Many hawkers are currently being investigated.
My grandparents used to own a chicken farm and I think they under declared their earnings, so when my grandparents went to buy landed property, they were found out by the IRAS, so they were fined heavily.
If you are self-employed, do keep proper records. There are ways to minimise taxes, but they are done legally. You can put your money in SRS or donate to charities.
Sarah Tan – SingaporeProfit.com
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Yup, one has to be very careful when it comes to tax declaration. At the end of the day, having our own business still has a greater tax advantages =)
PS: Due to this buzz (possible), the queue over at Tip Top Curry Puff is longer than ever..
Hmm, I ought to do some research on tax for business.
Yeah, I salivate at the thought of the curry puffs. Maybe I’ll drop by there today.
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