Man Charged for $252 Million GST Fraud: Facing Serious Penalties for Perpetuating Fraudulent Scheme

• A 45-year-old man will be charged for his involvement in a $252 million GST Missing Trader Fraud
• He operated a fraud through his company by trading in high-value electronic goods and generating false invoices
• The man also faces charges for making false entries in the company’s GST returns to evade GST
• If convicted, he may face imprisonment, fines, or both for various offences under the Companies Act, Penal Code, and GST Act
• The Police and IRAS take a serious stance against GST Missing Trader Fraud offences
• Businesses claiming input tax on supplies involved in Missing Trader Fraud arrangements will be denied input tax and subject to a 10% surcharge
• Businesses are advised to perform due diligence checks to avoid participating in fraudulent transactions.

Source: iras.gov.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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