A mother and son duo are facing five charges each for giving false and misleading information to the Inland Revenue Authority of Singapore (Iras) during its audit of cases of the so-called “99-to-1” arrangement for private properties. This is the first prosecution of taxpayers providing false and misleading information to Iras during its investigation into the two-step “99-to-1” property transactions for possible tax avoidance. 

On Viewpoint, law-trained Invest Editor at The Straits Times, Tan Ooi Boon, shares his views about 99-to-1 property transactions.