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The owner of Eminent Frog Porridge in Geylang has been charged in court for evading almost $3.8 million in taxes and laundering the unlawful proceeds on Friday (July 3).<\/p>\n
Buntono, a 49-year-old Singaporean, allegedly understated his trade income for assessment years between 2016 and 2024, according to court documents seen by AsiaOne.<\/p>\n
As a result, the authorities estimate that nearly $2 million in income tax was undercharged.<\/p>\n
He was handed 30 charges, comprising three counts of money laundering and 27 counts of tax-related offences, following a joint investigation by the Inland Revenue Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.<\/p>\n
Additionally, Buntono is accused of deliberately concealing his eatery’s liability to register for goods and service taxes (GST), resulting an additional $1.8 million of GST being undercharged.<\/p>\n
He is also accused of possessing benefits from his alleged tax evasion in the form of cash worth over $2.4 million, a Lamborghini Aventador and a landed property at 31 Brockhampton Drive.<\/p>\n
In Singapore, all businesses earning a taxable turnover exceeding $1 million over a 12-month period are required to register for GST.<\/p>\n
Failure to register for GST is an offence and businesses may face penalties of 10 per cent of GST and fines of up to $10,000.<\/p>\n
Offenders who are convicted of money laundering will face fines fine of up to $500,000, a jail term of up to 10 years, or both.<\/p>\n
Buntono is currently out on $400,000 bail and will return to court in August.\u00a0<\/p>\n
[[nid:739279]]<\/p>\n
dana.leong@asiaone.com<\/a>\u00a0<\/p>\n<\/div>\n The owner of Eminent Frog Porridge in Geylang has been charged in court for evading almost $3.8 million in taxes and laundering the unlawful proceeds…<\/p>\n","protected":false},"author":1,"featured_media":66306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-66305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/66305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66305"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/66305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/66306"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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