Anonymous

16 Nov 2020

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Do I need to pay taxes if I'm freelancing?

Do freelancers need to pay tax?

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Candy Goh

16 Nov 2020

Yes, all individuals earning, deriving or receiving income in Singapore need to pay income tax every year, unless specifically exempted under the Income Tax Act or by an Administrative Concession.

Freelancers are considered self-employed who need to declare and pay tax via IRAS. Tax is tabulated based on your yearly income after your expenses are deducted.

Check out the article + tax calculator link here: https://blog.seedly.sg/freelancer-self-employed...

Also, if you've been a freelancer since before 25 March 2020, please apply for the Self-Employed Person Income Relief Scheme (SIRS) if you have not already. I have a few freelancer friends who were not aware of it/didn't declare tax previously. If you are in a similar situation, just call in to IRAS to rectify and tell them you didn't know how to declare tax previously (only if you really didn't know) and they will send you the paperwork to update it before you can send in the necessary documentation for SIRS.

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1M45

16 Nov 2020

By right need...

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Related Posts

Planning to start a company and I'm wondering if we don't earn any profit, do we still need to pay any taxes or fees as a company?

I started work in January this year. When will I need to pay tax? If I would like to use the SRS scheme to reduce my taxable income, when would I need to do this by?

Should I cash out my STI ETF now while I'm finally not making a loss? Reason being I need to pay off my student loan in June 2021 so I need to cash out regardless, wondering if now is a good time?

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