IRAS takes a serious view of taxpayers who defraud the government. Offenders convicted of PIC fraud will have to pay a penalty of up to four times the amount of cash payout fraudulently obtained, and a fine of up to $50,000 and/or imprisonment of up to five years.
List of offenders convicted of PIC abuse:
For companiesIf you make errors in your tax return
For sole-proprietors and partnershipsIf you make errors in your tax return
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