Company pays penalty of more than a quarter million for tax evasion
Positive Engineering Pte Ltd has been convicted of tax evasion for Years of assessment 2008 and 2009.
The company has been ordered to pay a fine of $12,000 and a penalty of some $260,000 three times the total amount of tax evaded.
The court heard that the company had sold scrap materials to a scrap dealer from 2007 to 2008 and subsequently failed to report the income earned from the sale in its audited accounts and Income Tax Returns.
This resulted in under-reporting of income totalling about $ 465,000 for PEPL and correspondingly, tax undercharged of some $84,000 for both Years of Assessment.
The company specialises in fabricating and installing aluminium panels and fire-rated doors as well as non-building construction services.
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