SINGAPORE - Two men were charged in court on Friday (March 16) with omitting rental income totalling more than $700,000 from their tax returns.
It resulted in them being undercharged by a total of nearly $122,000 in tax.
Lim Moy Hai, 67 is accused of omitting $411,252 in rental income from 2010 to 2013, resulting in him being undercharged by just over $69,000 in tax.
Chua Kok Khoon, 47, allegedly omitted rental income amounting to $299,769 from 2012 to 2014, which saw him undercharged by almost $53,000.
He is also accused of one count of failing to file his income tax returns.
Each man was offered bail of $40,000 and they are due back in court on April 13.
The Inland Revenue Authority of Singapore (Iras) said a third man will be charged in court next month with tax-related offences.
The man, who was not named, will face five charges involving the submission of falsified invoices that amounted to $284,308. This resulted in him being undercharged by a total of $56,500 in tax.
In the past three years, Iras said it has recovered $7.37 million in taxes and penalties following its audits on 1,500 taxpayers.
It added: "Individuals must declare all sources of income in their annual individual income tax returns. This includes income that they derive from renting out their properties."
Iras said that it detects the omission or under-reporting of rental income through various means such as reviewing tenancy and property ownership records.
It has also developed capabilities in areas such as data analytics to detect non-compliance and evasion.
Iras said: "Every taxpayer contributes his fair share towards nation-building. Although the vast majority of taxpayers in Singapore pay their taxes, there is a small group of non-compliant individuals who impose an unfair burden on the majority.
"Iras takes strong action against these errant taxpayers to ensure that they are dealt with appropriately in accordance with the law."
For each charge, offenders convicted of tax evasion can be ordered to pay a penalty of up to four times the amount of tax evaded, fined up to $50,000 and jailed up to five years.