SINGAPORE – A sole director and shareholder of a wholesale trading firm was allegedly involved in a case of Goods and Services Tax fraud linked to nearly $252 million in fictitious sales.
Tan was hauled to a district court on April 9 and now faces more than 20 charges for offences including cheating and tax evasion. “The original upstream seller then disappears without paying the collected GST to Iras, hence the term ‘missing trader’,” said the statement.Since exports are zero-rated, this last seller does not collect GST on the exports. Instead, it claims a refund from Iras on the GST paid on its purchases of the goods.
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