Sell Kali Pok can earn $200k a year

[Ultramega]

see the last paragraph. they must be thinking, haha i evade tax PM still praise me.

 

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Quote: http://www.straitstimes.com/Latest%2BNews/...ory_164279.html

 

Popular curry puff hawker jailed for tax evasion

He under declared his takings to evade paying taxes of over $160,000 in the last six years.

By Chong Chee Kin

 

FOR six years, hawker Looi San Cheng, who runs the popular Tip Top Curry Puff stall in Ang Mo Kio, made an average of between $138,000 and over $200,000 in profits every year.

 

Yet to the taxman, he only reported he made, at best, about $11,000 a year in a bid to evade paying taxes.

 

On one occasion, he stated in his 2002 income tax returns he made a loss of $37,209 when in fact, he reaped $145,000 in nett profits.

 

In the six years that he under-declared his takings, Looi, 63, evaded paying taxes amounting to over $160,000.

 

Looi, who faced six tax evasion charges, was jailed two weeks on Friday on two of the charges under the Income Tax Act.

 

He was also ordered to pay a penalty of $196,000 - three times the amount of the taxes he dodged in 2005 and 2006.

 

The remaining four charges were withdrawn after Looi paid a $291,000 penalty to compound them.

 

Looi started selling curry puffs at his Marine Parade bakery in 1976 and they were so popular, the shop moved to Ang Mo Kio Central three years later. He uses a a well-guarded recipe from Indonesia, where he was born, which includes 18 herbs and spices, and fresh potatoes from the Netherlands.

 

Over 4,000 puffs are sold every day, at $1 apiece.

 

Looi's son, Chong Wee, 32, who used to help roll the dough in his father's shop after school, has taken the family business beyond Singapore - to China.

 

Since moving to Shenyang in 2005, the younger Looi has opened four shops and two in Harbin, another city in north-eastern China.

 

The younger Looi's entrepreneurial spirit in helping to grow Singapore's external wing was highlighted by Prime Minister Lee Hsien Loong in his National Day Rally speech last year.

 

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[Silver_blade]

This chap is pushing his luck a little too far. Unlike most hawkers, who probably evade taxes too...he is relatively famous. People who buy from him will know that he takings can't be that little.

[Gz0707]

not entirely true ... after a no of yrs, they also get into "trouble" cos not enuf declared income to buy landed property, even tho its affordable to them ... so just to buying certain items ...

[Nolicense]

The younger Looi's entrepreneurial spirit in helping to grow Singapore's external wing was highlighted by Prime Minister Lee Hsien Loong in his National Day Rally speech last year.

 

 

I really wonder... how does this external wing help any sinkaporeans?

Maybe the foreign profits will get taxed by gahmen.. if they are even willing to pay tax that is.

[Darth_mel]

Maybe he day time sell Kali Pok, night time sell neh-neh pok....

[Hctan]

[Sosaria]

The discrepancy in reported and actual profits are quite huge, so he must've been really pushing his luck. For a business, even though it's just a hawker stall, $11k seems pretty low. Who'd want to run a business that only generates $11k profits a year??

 

Now we know that the profits can be in excess of $100k a year just selling curry puffs

 

Kids, what are you wasting time in school for??

[Lexxmexx]

I thought that only applies to cheng tng sellers?

 

"Za ki buay cheng tng, arm mi buay ka cheng"

[Friendstar]

[Friendstar]

he gets into jail also nvm

 

not as if he's an employee.

[Sosaria]

Given that he is the boss, and the business still runs as normal, probably the jail term wouldn't hurt much - but the fine will definitely be more painful!

 

Now I know that sell curry puff can rake in over $100k in profits a year

 

Kids, what are you wasting your time in school for??

[Mzrmazda3]

200K profit per year is

 

I also wanna go & sell Kali Pok

 

The younger Looi's entrepreneurial spirit in helping to grow Singapore's external wing was highlighted by Prime Minister Lee Hsien Loong in his National Day Rally speech last year.

 

[Mzrmazda3]

Maybe he day time sell Kali Pok, night time sell neh-neh pok....

 

[Nighthawkcity]

[Watwheels]

Kids, what are you wasting your time in school for??

 

Go school learn communicating skill, entrepreneur skill, marketing skill and some accounting skill.

[Rickster]

This chap is pushing his luck a little too far. Unlike most hawkers, who probably evade taxes too...he is relatively famous. People who buy from him will know that he takings can't be that little.

 

I agree, he is kinda stupid to think that he can evade taxes so blatantly. Perhaps, he might have thought that the garment will only go after pple who earn millions every year.

[Relagsingh]

This chap is pushing his luck a little too far. Unlike most hawkers, who probably evade taxes too...he is relatively famous. People who buy from him will know that he takings can't be that little.

 

yah lor, too blatant lah. maybe he's not the one who submit the tax assessment. kena sabo.

[Freestylers09]

not surprise by the amount he made..the mistake is he wana expand to China ..making a clue for iras to check on him