Income Tax for Sole Proprietors: Who Qualifies and What You Get
Learn how self-employed individuals in Singapore manage their tax assessments and business earnings through this scheme.
If you run your own business as a self-employed individual, this scheme governs how you report your business earnings and settle your tax obligations.
Who it's for
This is for self-employed individuals who earn net trade income from their business activities.
What you get
You will receive an official tax assessment of your business earnings. This system also provides options for payment plans if you need to manage how you pay your tax.
What it costs you
You are required to file your taxes annually, typically between March and April. To complete this, you must maintain and provide proper records of all your business expenses.
The catch to know
A common mistake is forgetting to deduct all allowable business expenses. Making sure you include these can help lower your total taxable income.
How to apply
- Keep detailed records of all your business income and expenses throughout the year.
- Prepare your annual tax filing during the designated months in March or April.
- Submit your filing through the official portal.
For more information, visit https://www.iras.gov.sg