SINGAPORE: Digital printing company Media Grafix has been ordered to pay a fine of S$5,000 and a penalty of S$48,704.40 for making a false claim under the Productivity and Innovation Credit (PIC) Scheme. The case was mentioned in court on Tuesday (Aug 12).
Director of Media Grafix, Ong Chee Hui had earlier pleaded guilty to claiming a higher payout than the company was entitled to under the PIC Scheme. The 42-year-old admitted that in a form dated Aug 28, 2012, the company had falsely stated that it had incurred qualifying PIC expenditure of S$24,150 for PIC automation equipment, including six computers. Investigations revealed that the company had incurred only S$19,551.73.
In the form, the company also stated that it spent S$2,908 on network equipment including a router, when it had spent only S$1,598.20. As a result of the false claims, Media Grafix obtained a higher payout.
Media Grafix is the third company to be convicted of PIC abuse since it was introduced in 2010 to give tax deductions or cash payouts to firms if they take steps to boost productivity including for automation and training. Under the scheme, a company can claim cash rebates of up to 60 per cent for qualifying expenditure.
Those convicted of abusing the PIC scheme face a penalty of up to four times the amount of cash payout fraudulently obtained, and a fine of up to S$50,000. They could also be jailed for up to five years. - CNA/by
MORE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
The number of Ebola infections will triple to 20,000 by November, soaring by thousands every week if efforts to stop the outbreak are not st... More The number of Ebola infections will triple to 20,000 by November, soaring by thousands every week if efforts to stop the outbreak are not stepped up radically, the WHO warned in a study on Tuesday. Duration: 01:01
Date 2 hrs ago, Duration 1:00, Views 15