Backdated property document
Two agents and two buyers used an Option to Purchase falsely dated 4 July 2018 for a transaction concluded on 8 July. It applied the historical 10% rather than 15% ABSD rate to a S$1.38 million property, avoiding S$69,000 of duty.
Court and stamp-duty consequences
Agents Mu Shen and Loy Thye Wei each received eight weeks’ imprisonment. Buyers Daniel Halim and Lee Liu Ying each received six weeks. IRAS also reported a S$276,000 under-stamping penalty imposed on the buyers.
Historical rates
The 10%/15% comparison is the case’s 2018 background, not a statement of today’s ABSD rates. The release focused on false instrument dates and involvement in preparing them.
Disclosure, reporting and rewards
IRAS encourages taxpayers to correct past errors and report suspected tax malpractices. The release says disclosure may be considered when deciding enforcement action; it is not a blanket promise of immunity. Where the release describes informant rewards, qualifying information leading to otherwise lost tax recovery may attract 15% of recovered tax, capped at S$100,000, at IRAS’ discretion. Informant identities are kept confidential. Use the official release links for its reporting and disclosure channels.
Official source
This report is independently written from the IRAS release dated above. Case status, policy announcements and historical figures refer to that release.
Read the complete IRAS release ↗