Singaporean mother and son charged with fraud in "99-to-1" property tax avoidance scheme related to Additional Buyer's Stamp Duty.
A mother and son in Singapore, Ng Chiew Yen (56) and Tan Kai Wen (26), have been charged with providing false information during an audit by the Inland Revenue Authority of Singapore (IRAS) regarding a "99-to-1" property tax avoidance scheme. This marks the first prosecution linked to this scheme, which aims to minimize Additional Buyer's Stamp Duty (ABSD). Both face fines up to S$10,000 and potential jail time if convicted.
September 20, 2024
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