I am 20 this year and do not have a income. I use Funding Societies to invest, do i have to pay tax on the profits i earn? - Seedly

Investments

Funding Societies

P2P Lending

Asked by Anonymous

Asked on 16 May 2019

I am 20 this year and do not have a income. I use Funding Societies to invest, do i have to pay tax on the profits i earn?

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Answers (1)

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For P2P loans, you are earning interest income. That is taxable and need to be declared in iras. Dividends and capital gains are not however, P2P loans are not considered capital gains or dividends.

https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Interest/

2 comments

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Shabir Khan
Question Poster

17 May 2019

Thank you! Is there a minimum amount that needs to be met before it’s taxed?
Gabriel Tham
Gabriel Tham

17 May 2019

It follows the same rule as income tax brackets. Your salary + etc