Fighting “Missing Trader” GST Fraud
14/10/2020
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Recently, IRAS is taking a strong stance towards those who commit Missing trader GST fraud (MTF):
A syndicate involved in MTF will generally defraud the tax authorities in one or both of the following ways:
- By fraudulently obtaining from the tax authorities an input tax credit claim on purported supplies which it never received (and then absconding), or,
- By charging a purchaser output tax and absconding without handing over such tax to the tax authorities.
See article below for more details:
https://www.singaporelawwatch.sg/Headlines/fighting-missing-trader-gst-fraud-in-singapore