TAX .... dividend .. do you declare

[Meecar]

if you buy stocks and have it place in central depository , then it easy IRS will do everything

 

 

BUT if you buy shares from broker or bank and get dividend ....

 

 

if you dont declare you kena quite expensive upfront tax on the dividend something to the tune of 20 something percent

 

 

BUT if you declare then you forever must declare any if accidentally miss one sometime later ...surely kena fine like crazy

 

so in your case how do you manage this problem

[Apollo]

i submit empty IR8A, just sign. they take care of the rest.

[Meecar]

you are one brave soul

[Apollo]

tax sure must pay one.. dun pay got consequences

 

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Businesswoman gets three weeks' jail for forgery

By Elena Chong

 

A BUSINESSWOMAN who submitted inflated invoices to a Swiss watch manafacturer was jailed for three weeks on Monday for forgery.

 

Seah Poh Gek, 44, who is appealing against the sentence, pleaded guilty to four of 15 charges.

 

The amount she inflated in the proceeded charges in late 2005 totalled $61,207.

 

She is a brand director and shareholder of Precious Time, which she co-manages with her husband.

 

A district court heard that Precious Time was appointed by Milus International SA in 2005 to distribute their watches in Singapore.

 

While promoting Milus watches, Precious Time incurred marketing and advertising expenses. It was agreed that Precious Time would bear those expenses first and would then be reimbursed by Milus.

 

The court heard that Seah set up Timecraft in October that year as the marketing and advertising arm of Precious Time. But the plan did not materialise as the company was sold two months later.

 

In October and December 2005, she forged invoices in the name of Timecraft and International Trade Alliance respectively for $71,320 to Milus as marketing expenses which actually amounted to $38,823.

 

Only the December invoice was paid as she had voided the first invoice due to her decision to sell the company.

 

She also instigated a former employee, Ms Lim Mei Yan, to make false invoices in the names of two companies in November that year.

 

She had instructed Ms Lim to cheat Milus into making additional reimbursement to Precious Time by altering the addressee on the invoices from Precious Time to Timecraft, and the amounts payable from $14,290 to $31,000 and from $23,000 to $35,000.

 

The remaining 11 charges were considered during sentencing.

 

District Judge Toh Yung Cheong raised her current $30,000 bail to $40,000 pending her appeal.

 

-----------

Lesson learnt Neber cheat the taxman, or he will audit u

 

http://www.youtube.com/watch?v=EcsNwwK9vfg

[Meecar]

alamak you are making me very worried

 

and nearly peng sang after reading your article

[Apollo]

u must b making too much $$ then worried. i ok one.. tat's why dun hv to worry. they normally dun hv to see my IR8A, haven submit already sent me letter asking to pay.

[Meecar]

you know that IRS have just recruited a large number of staff (presumed investigators)

 

so just being more careful

 

 

i have sent them the IR8A form already but not yet heard from them

 

maybe they dont want me to pay tax

[Apollo]

tat means u kena marked lor.

 

anyway, they sent me a revision assessment, ask me pay more. boh pian lor. mebbe i tok too much, kena marked also.

 

pay lor. pay liaoz they wun disturb. as long as u dun pretend and hide and seek with them u sure kena jialat jialat.

 

my job is simple, my life is simple.. they can check all the banks, credit card companies, check ERP gantry where i been. aiyah. tio si annie simple.

[Meecar]

you are such an open person

 

so open that IRS have nothing to check on you

 

you must be one of their star tax-payer making their life really super easy

 

I wish I can be like you

 

bad in maths always get either donkey or elephant for maths in school

 

but get apple or banana for science

 

dont know why

 

maybe it is in built to make life difficult for the tax man

[Apollo]

nope.. i know if i put smthg there they gg to dispute and DO IT THEIR WAY

 

so why bother wor..

 

if i put it down, i am making false declaration.

 

now i dun put, they check CPF, CDIS, etc and decide how much i pay. i neber pen anything wor. u say how much i pay.

 

wrong i also blame them. but of cos i can dispute back what they say, this is my right.

 

end of day, it is their words against mine, not mine against theirs.

[User12343]

most dividends are already taxed before it gets credited into ur bank account. so how to run?

[Meecar]

yes i do know

 

but what I am trying to get at is

 

dividends are taxed upfront

 

I am thinking of declaring it to I can reclaim part of the upfront tax on dividend

 

but not sure of the consequences

 

knowing the irs has lots of staff and probably nothing better to do

 

dont want to open a can of worms

 

actually I have declared everything

 

the only consequence to my not declaring is that i am paying more upfront tax on dividend than I should be if I declared

[User12343]

i believe that there are many cases where pple under-declare, be it unintentionally or otherwise. but if the amount is not substantially significant, i'm sure they won't really pursue.

Edited January 7, 2008 by User12343

[Chisiang]

aiya, just relax bro. We are considered ikan billis to IRAS. The man hours they put in to catch a ikan billis is not worth it.

 

They are always after the Tuna and killer whale.

[Clubace]

Yeah...i do that too...click and submit....done within 10secs.

 

i submit empty IR8A, just sign. they take care of the rest.

[Wanderer]

Some under declare, while some do it legally. The crux is on how the company is being incorporated...

[Apollo]

those under employment ones usually is ok, hawkers, doctors, lawyers, contractors, professionals r the main target.

[Genie47]

Ah Seng and his quest to test drive the WRX?