Committing GST evasion: what are the consequences? The penalties and sentences for GST evaders in Singapore are serious. Recently, the sole-proprietor of Sin Metal Industries, Khoo Chin Huat, was sentenced to 54 weeks of imprisonment and was ordered to pay fines and penalties of $1,784,451, after being convicted for Goods and Services Tax (“GST”) evasion and other offences. GST is a broad-based consumption tax levied on the import of goods and almost all supplies of locally consumed goods and...

As an employer, you are responsible for workplace safety What does that mean? A few weeks ago, it was reported that a Director and his company had been fined $60,000 and $250,000 respectively after pleading guilty to a charge under the Workplace Safety and Health Act over a worker's fall that led to his death. His company was fined for its role in the offence. More recently, Singapore reported its 40th workplace fatality this year when a Grab driver passed away in a traffic accident involving...

Demystified: the Major Payment Institution Licence Will you be offering payment services? Check if you need this licence. It isn't just any business that can provide payment services. With payment service providers being entrusted with customer funds, they may need to undergo licensing to get the approval of the Monetary Authority of Singapore (MAS) to conduct business. One such licence is the Major Payment Institution Licence, which is for businesses that clock millions of dollars' worth of...