A car trader was fined $228,000 at the Eastern Magistrates' Courts for under-declaring imported vehicles’ landed values to obtain a lower assessed first registration taxable value today.
The company, which mainly engaged in selling new parallel-imported vehicles, was found to have falsely declared the landed values of 62 vehicles from August 2012 to September 2013. The total under-declared value was $5.97 million.
Customs searched the company on July 30 last year and prosecuted the company and its director afterwards.
Vehicle traders should provide true and accurate information for assessment of first registration tax. Offenders are liable to a maximum $500,000 fine and 12 months in prison.
