What happens when a Singapore company is under IRAS audit or investigation?
Singapore taxpayers self-declare their chargeable income to IRAS. IRAS is therefore, strict when it detects any errors in tax returns on part of Singapore taxpayers. If the intention of the taxpayer was to evade taxes, the taxpayer may face:
a penalty up to 400% of the amount of tax undercharged;
be fined up to $50,000; and/or
be imprisoned up to seven years.
If the error/omission/discrepancy in the tax return was made without any intention to evade taxes, the taxpayer may face:
a penalty up to 200% of the amount of tax undercharged;
be fined up to $5,000; and/or be imprisoned up to three years.
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