Updated: 03/28/2014 23:19

Midas Promotions to pay $793,000 in taxes, penalties and fines for failing to register for GST



Midas Promotions to pay $793,000 in taxes, penalties and fines for failing to register for GST

Sport and concerts promotor, Midas Promotions, has been ordered to pay about $786,000 in taxes and penalty for failing to inform the Comptroller of Goods and Services Tax of its liability to register for GST. 

It also has to pay a court fine of $7,000.

Under the law, a business with annual taxable turnover exceeding a million dollars must register for GST. 

IRAS' investigations revealed that Midas' taxable turnover already exceeded a million dollars for four consecutive quarters from April 2004 to end March 2005. 

And by law it would have to inform the Comptroller of GST of its liability to register for GST by end April 2005. 

It only registered for GST from June 2005. 

Businesses failing to register for GST even though they are required to do so by law can be fined up to $10,000 and pay a penalty equal to 10 per cent of the tax due from the date on which the business is required to register for GST.

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