Company Penalised $180,000 for False PIC Claims
Taxpayer made false declaration in a PIC Cash Payout declaration form. The company had apparently purchased PIC automation equipment of SGD168,000 and met the qualifying conditions. However, upon IRAS’s investigation, the company did not incur such expenditure nor made CPF contributions for at least 3 local employees (one of the qualifying conditions). In fact, the company was never in active operations.
In the same media release, IRAS also gave examples what are regarded as abuses of PIC scheme.
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