A businessman, 61, has been penalized for tax offenses. He managed a luxury watch business, although it was registered under his son's name. The man instructed his son to give false information, leading to undercharged income tax.

The penalties for these offenses include jail time and a significant financial penalty. The total amount to be paid is S$1,426,808. This case is notable as it is the first of its kind to result in prosecution.

Further details about the case and the offenses are available from the source. The businessman's actions led to a substantial amount of income tax being undercharged, totaling S$351,787.