Singapore Jails Six Insurance Brokers For Tax Evasion

Six Singapore insurance brokers were found guilty of tax fraud after the court discovered that they reported fake business costs to decrease their income taxes by about SG$100,000.

Today reported that the former Great Eastern Financial Advisers representatives all acknowledged to entering fraudulent entries in order to avoid paying taxes.

Each of the six agents received a separate prison sentence and punishment based on the taxes they failed to pay.

  • Yvonne Quah, 34, was sentenced to eight weeks in jail and ordered to pay SG$113,839 in fines for failing to pay SG$37,946 in personal income taxes.
  • Lim Zhan Yi, 32, attempted to evade paying SG$27,703 in taxes. He was sentenced to five weeks in prison and ordered to pay SG$83,610.
  • Chan Jun Yi, 33, evaded paying SG$9,010 in taxes and was sentenced to two weeks in prison and fined SG$27,531.
  • Sherlin Chia Hee Ping, 41, was sentenced to 10 days in prison and an SG$32,542 fine for concealing SG$10,680 in taxes.
  • Chanel Quah Hui Wen, 31, evaded paying SG$4,644 in taxes and was sentenced to one week in prison and an SG$14,433 fine.
  • Jackie Tang Hong Kong, 42, was sentenced to four days in prison and ordered to pay SG$8,465 in penalties and costs for failing to pay SG$2,655 in taxes.
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The insurance agents were charged by Singapore’s Inland Revenue Authority (IRAS). According to the tax administration, the six had included “general costs” and “commissions paid to introducers” totaling around SG$600,000 in their income tax forms for 2018 and 2019.

When IRAS investigated, they discovered that the agents did not pay any “introducer fees” and received no services from the persons who were supposed to be introducing them.

According to tax prosecutor Goh Yong Ngee, the agents were also cooperating with Ian Chew Yen and You Yiying, who used to work for an insurance business.

You, known as Kyra in court documents, knew Chew because you had previously placed customers in contact with her. Because you were acquainted with Tang and Chan, they introduced him to the others.

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According to the prosecution, Chew fabricated many papers to support the six agents’ cost claims and would use their online tax postal accounts to submit their tax returns on their behalf.

The agents, with the exception of Yvonne Quah, did not retain documents to support their revenue and permissible deductions. This is a violation of the Income Tax Act.

The six will face professional punishment once IRAS refers the issue to Singapore’s financial regulator, the Monetary Authority of Singapore.

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