- 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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