Singapore has charged a mother and son with giving false information to the Inland Revenue Authority of Singapore (IRAS). This marks the first prosecution involving the “99-to-1” property scheme. Ng Chiew Yen, 56, and her son Keith Tan, 26, face five charges each under the Stamp Duties Act.
The “99-to-1” scheme helps buyers avoid paying the full Additional Buyer’s Stamp Duty (ABSD). Buyers first purchase the property under one name, then transfer 1% ownership to another person. Tan bought a condominium at Canberra Drive in 2021 and later gave his mother a 1% share.
Both are accused of misleading IRAS during an audit. If convicted, they could each face fines up to $10,000 or two years in prison. This case highlights IRAS’s efforts to crack down on tax avoidance and false declarations.
