Lambo-driving Eminent Frog Porridge owner charged with S$3.8 million tax evasion, money laundering

SINGAPORE: A restaurant owner in Singapore has been handed more than two dozen charges for understating his income for several years, reportedly evading nearly S$3.8 million in taxes.

Additionally, Buntono, a 49-year-old Singaporean who only goes by one name, was also allegedly involved in money laundering.

He is the owner of a popular restaurant located in Geylang called Eminent Frog Porridge & Seafood. The eatery is listed in the Michelin Guide.

After a joint investigation by the Inland Revenue Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force, Buntono was charged on July 3 with 30 charges in all. Three of these were for money laundering, and the 27 others were for tax-related offences.

Buntono is said to have understated the income from his eatery between the assessment years of 2016 and 2024, which the authorities say led to undercharged income tax of about S$2 million.

He also allegedly intentionally hid the liability of his business to register for the goods and services tax, resulting in S$1.8 million in undercharged GST at the same time. The statement from the IRAS added that Buntono had not kept sufficient business records for those years as well.

As for money laundering offences, he has been accused of possessing properties that partly represented benefits from willful income tax evasion, which is more than S$2.4 million in cash, a Lamborghini Aventador, and a landed property. 

“IRAS takes a serious view of tax evasion. There will be severe penalties for those who wilfully evade tax. The authority will not hesitate to bring offenders to court. Offenders may face a penalty of up to four times the amount of tax evaded. Jail terms may also be imposed,” the statement from the authority said.

The IRAS also reminded the public that all businesses need to monitor their income to determine whether they need to register for GST. This includes individuals whose income comes from their trade, profession, or vocation.

Each business’s taxable turnover for the past 12 months that exceeds S$1 million at the end of the calendar year must apply for GST registration by January 30. Businesses that reasonably expect their turnover to exceed S$1 million in the next 12 months must register within 30 days from the date of their forecast.

Businesses that fail to register for GST are still required to pay the tax on all of their past transactions from the date the business became liable for GST registration, even when GST was not collected from customers. Not registering for GST is an offence, and businesses that fail to do so could face penalties of 10% of GST and fines of up to S$10,000. /TISG

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