Ex-trader sentenced to eight weeks' jail for GST fraud
A former trader has been sentenced to eight weeks' jail and ordered to pay a penalty of $127,170 for fraudulently claiming $42,390 in Goods and Services Tax refunds.
Eric Lau Giang Boon, 32, owned Xcellence Comm, a firm that dealt in the import, export, distribution, sales and servicing of IT and computer equipment.
He pleaded guilty on Thursday to three charges of wilful intent to evade tax. Two other charges were taken into account for sentencing.
The court heard that in January 2008, an audit was conducted on Lau's GST declaration for the accounting period ending Dec 31, 2007.