You know how people like to say that everything is cheap in China? Turns out that’s not always true. Between them, these two young businessmen managed to avoid paying almost $125,000 in goods and services tax by underdeclaring the value of the items they imported.
PassionKites owner Tang Ting Sin, 29, avoided paying more than $81,000 in GST when he brought in electric scooters and accessories on 48 occasions between Aug 2014 and Apr 2015, while Twelvebox Enterprise director Ku Jin Hao, 28, thought he had saved $42,500 when he misdeclared the value of pool tables, cameras, and camera accessories some of which were imported from China.
Investigations revealed that Ku…had instructed his suppliers to create fake invoices which indicate a lower value of the goods imported,” according to Singapore Customs.
Tang and Ku will be fined $96,667.45 and $156,000, respectively.
