11/26/2010 3:13:00 PM
NEW BRIEFS
Singapore’s Inland Revenue Authority
Editor’s Note: Articles in Media Spotlight are excerpts from publications or broadcasts that show the industry what the public is reading or hearing about fasteners and fastener companies.
A finance executive with Singapore-based T.E. Fasteners pleaded guilty to $1.2 million in 2008, Singapore’s Straits Times reports.
“The fraud helped nuts and bolts trader T.E. Fasteners (TEF) dodge $245,012 in taxes for the 2006 and 2007 years of assessment, making it one of the biggest tax evasion cases this year,” writes Francis Chan of the Times.
Toh Joo Hock, 51, pleaded guilty to two charges of tax evasion and reportedly was jailed for two weeks.
Both Toh and the company were each ordered to pay a $735,036 penalty, which is three times the value of the tax they evaded. T.E. Fasteners was also fined an additional $12,000 for the crimes.
T.E. Fasteners is run by Toh’s nephews: Toh Chin Kiong, 31; and Toh Chin Khoon, 29.
According to its website, the company imports, exports and distributes bolts, machine screws, tapping screws, self-drilling screws, socket cap screws, anchors, nuts and washers. ©2010 GlobalFastenerNews.com
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