Man sentenced to 5 years for $2m GST fraud scheme

• Kelvin Yeo Soon Teck sentenced to five years in jail for involvement in GST fraud scheme
• Scheme exploited goods and services tax system for illicit gain
• Scheme involved a group of businesses forming a supply chain to avoid paying GST to Iras
• Yeo operated two companies involved in the fraud, M_Solution Trading and Crescendo Hardware Trading
• Scheme resulted in about $7.5 million in fraudulent tax claims filed with Iras, with $2 million paid out
• Yeo received between $110,000 and $140,000 as commission for his role in the scheme
• Prosecutors asked for between 62 and 70 months’ jail, citing the serious and sophisticated nature of the case

Source: singaporelawwatch.sg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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