Albeit an honest one.
Mr Looi San Cheng, 63 years old, made $1.06mio selling his famous Tip Top curry puffs from his stall in Ang Mo Kio Ave 8 over the 6 years.
Mr Looi has severely under reported his profits. He said he made $2,800 between 2001 and last year when he actually made $1.06mio.
So he now have the honour of being the first hawker to go to jail for tax evasion. He also have to pay out $487,000 for back taxes and penalty.
Saturday’s article cited the citation by PM Lee on Tip Top’s expansion into Harbin and Shenyang in China. I wonder this may have led to taxman’s focus on Tip Top.
So all you other hawkers out there who are making millions, who have been under reporting your income and who have been recently highlighted in TV programmes, please come clean on your tax returns by emailing IRAS at email@example.com.