newsare.net
A mother-and-son duo is facing charges for giving false and misleading information to the Inland Revenue Authority of Singapore (Iras) during its audit of cases of the so-called «99-to-1» arrangement for private properties. This is the first pros'99-to-1' stamp duty tax avoidance case: Mum and son charged with giving false info to Iras
A mother-and-son duo is facing charges for giving false and misleading information to the Inland Revenue Authority of Singapore (Iras) during its audit of cases of the so-called «99-to-1» arrangement for private properties. This is the first prosecution of taxpayers providing false and misleading information to Iras during its investigation into the two-step «99-to-1» property transactions for possible tax avoidance, said the agency in a statement on Friday (Sep 20). The mother, 56-year-old Ng Chiew Yen, and her son, 26-year-old Keith Tan Kai Wen, face five charges each. They are both Singaporeans. Investigations revealed that Tan bought a condominium unit at the 99-year leasehold The Watergardens at Canberra in Sembawang in his sole name on Sep 24, 2021, said Iras. He subsequently sold a 1 per cent share of the property to his mother. Data from URA Realis showed that the fourth-floor unit, 753 sq ft in size, was transacted on Aug 28, 2021, for S$1.1 million, or S$1,477 a square foot. Read more