Singapore: Man slapped with 46 months’ jail term, $5.75m penalty for PIC fraud

A 47-year-old man who tried to defraud a government productivity scheme and helped others to submit false claims under the same scheme was handed a $5.75 million penalty and jailed for nearly four years yesterday.

Ng Cheow Chai, who runs two machinery companies, helped 83 businesses submit fraudulent claims to the Productivity and Innovation Credit (PIC) scheme between March 2013 and July 2016, seeking payouts of $2.7 million they were not entitled to, the Inland Revenue Authority of Singapore (Iras) said.

On Feb 10, Ng pleaded guilty to 57 income tax charges involving more than $1.4 million in cash payouts and bonuses.

The full original article can be found at straitstimes.com

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