IRAS completes Soon Hock Enterprise property sale review

The tax authority remits surcharge after assessing sale price adjustment.

Soon Hock Enterprise Holding Ltd. said the Inland Revenue Authority of Singapore (IRAS) has completed its review of a property sale by its wholly owned subsidiary, Soon Hock Property Development Pte. Ltd. (SHPD).

The review addressed IRAS’s assessment that the sale price of a residential property was below market value on a completed building basis. IRAS adjusted the sale price under Section 34D of the Income Tax Act 1947 but decided to remit the related surcharge under Section 34E after evaluating the case circumstances.

Soon Hock Enterprise said IRAS has finalised SHPD’s Notices of Assessment for the Years of Assessment 2019 to 2022, with no further adjustments required.

The company confirmed that no adverse findings were made against Executive Chairman Tan Yeow Khoon or Chief Financial Officer Heng Lee Chuang in connection with the review. The board said both executives remain suitable to continue in their roles under the Listing Manual of the Singapore Exchange.

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