Remisier jailed, ordered to pay penalty for tax evasion
A remisier was jailed for one week and ordered to pay a total penalty of $192,927 on Thursday for under-reporting her income to the tax authority.
Teo Joo Hiang, 52, will serve another five months and two weeks' jail as she could not pay the penalty which is three times the amount of tax evaded.
This is the first case where a remisier has been charged under the Income Tax Act for tax evasion.
She pleaded guilty to making a false entry in her tax return for the year of assessment 2010 that her brokerage income from Phillip Securities was $258,164 when it was $676,216.