{"id":102433,"date":"2018-12-20T11:04:38","date_gmt":"2018-12-20T04:04:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-landlords-fined-for-omitting-rental-income-in-tax-returns\/"},"modified":"2018-12-20T12:04:22","modified_gmt":"2018-12-20T05:04:22","slug":"two-landlords-fined-for-omitting-rental-income-in-tax-returns","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-landlords-fined-for-omitting-rental-income-in-tax-returns\/","title":{"rendered":"Two landlords fined for omitting rental income in tax returns"},"content":{"rendered":"


\nBoth were made to pay penalties for omitting over $650,000 in rental income in their income tax returns.\u00a0
\nTwo landlords, Lim Moy Hai and Chua Kok Khoon, have been fined and made to pay penalties of over $100,000 each for omitting over $650,000 in rental income in their income tax returns, reported Channel NewsAsia.
\nThe two co-owned 11 properties in Yishun, Ang Mo Kio, Tampines and Bukit Batok.
\nMore: Lawyer fined $10,000 for failure to report suspicious property transaction \u00a0
\nLim, 68, has five other properties under his name or shared with others. He omitted around $352,000 in rental income in his income tax returns between 2011 and 2013.
\nAside from the properties he co-owned with Chua, who is 20 years his junior, Lim also rented out properties in Jalan Bukit Merah, Pasir Ris and Kaki Bukit.
\nMeanwhile, Chua did not declare $299,769 in rental income between 2012 and 2014.
\nWith the two pleading guilty on Wednesday (19 Dec), the court ordered Lim to pay a fine of $9,000 and a penalty of $121,911.34 \u2013 which is double the undercharged income tax. Chua, on the other hand, was fined $7,500 and made to pay a penalty of $113,209.50.
\nTheir request to pay the penalties in instalments until December next year has been allowed by the court.
\nIn a statement, the Inland Revenue Authority of Singapore said it takes a serious view of tax evasion as well as non-compliance and will not hesitate to take legal action against offenders.
\nAside from being jailed, offenders could face penalties of up to four times the amount of tax evaded.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
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Both were made to pay penalties for omitting over $650,000 in rental income in their...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102433","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qE9","jetpack-related-posts":[{"id":22191,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heres-how-one-developer-is-avoiding-the-singapore-property-slump\/","url_meta":{"origin":102433,"position":0},"title":"Here\u2019s how one developer is avoiding the Singapore property slump","date":"August 7, 2016","format":false,"excerpt":"\r Office rentals to tide Ho Bee Land over until the Singaporean market is ready for residential. 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