Fraudulent PIC Claims
It was reported on 20 Sep 2013 that a company director was jailed for 8 weeks for fraudulently claiming a Productivity and Innovation Credit (PIC) Cash Payout of SGD58K. In addition, the director was ordered to pay a penalty of SGD232,574. The company was fined SGD10,000 AND order to pay a penalty of SGD232,574.
The director, Khoo Tzyh Shin, has falsified invoices and declared a sum of SGD193,812 as qualifying expenditure in order to claim PIC Cash Payout when there was no such expenditure incurred.
We advise all our clients to be vigilant when doing their financial statements and in particular to pay extra attention ensuring that tax incentives are claimed appropriately.