6 men charged for alleged involvement in GST fraud involving S$114 million of fictitious sales

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SINGAPORE: Six men were charged on Wednesday (Aug 4) for their alleged involvement in a Goods and Services Tax (GST) missing trader fraud ...

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SINGAPORE: Six men were charged on Wednesday for their alleged involvement in a Goods and Services Tax missing trader fraud involving approximately S$114 million in fictitious sales.

"Since exports are zero-rated, the last seller does not collect GST on the exports but instead claims a refund from IRAS on the GST paid on its purchases of goods."If IRAS refunds this last seller, it will result in a loss to the State because the missing trader did not pay the GST that he collected for his sale of goods at the start of the chain," said the authorities.

Four men, allegedly behind Nagore's fraudulent operations, were each charged for being a knowing party to a fraudulent business and forgery of sales invoices. He is alleged to have facilitated the fraud by allowing two companies, Ten Directions and Forte Communications, to purchase non-existent goods from Nagore.

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