Anonymous
Help needed with taxes and CPF as a self-employed person (comic book illustrator) with an online business
Hi! 23 year old here, recently moved back to SG after graduating from my degree and am confused about the taxes I am required to pay. I do freelance illustrations for a mainly overseas clientele (paid by PayPal) and also sell my art as products on etsy (to a mainly overseas clientele I built while studying) I read a few articles, but I'm not sure about the following:
1) Is my etsy store considered an online business? If so, do I have to register with ACRA? My product are made to order and all my suppliers are non-local, I only do the packaging and shipping in SG. This part freaks me out a little as I read that you need to submit a Profit and Loss statement for businesses and I'm just a poor graduate with zero prior knowledge about finance.
2) I think I am self-employed, and from what I read I am required to top up Medisave. Is there a guide that tells me how i can go about declaring my taxes and topping up into the Cpf Account?
Any help is appreciated!
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Hello!
1) I don't think you need to declare anything cause I have friends that is designing and selling on Etsy/ Shopee and carosell her illustrations and products as well. But they are really small based too, so there is nothing to declare :)
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I think a good starting point is here:
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By right, all buisness in sg should be register under Acra and yes, if u are registered as self-employ, CPF will send u letter when time arrived to top up medisave.... But there is always a left side, u must weight if it is worth registering.