Question 1

How is freelance income taxed in Singapore?

Accepted Answer

Freelance and self-employed income is taxed as trade income under personal income tax at the same progressive rates (0–22%). You declare your gross income and deduct allowable business expenses to arrive at net trade income, which is then taxed. You must file Form B (not Form B1) with IRAS. Unlike employment income, no CPF is deducted at source — instead, you pay MediSave contributions (mandatory if net trade income > S$6,000/year) and can make voluntary CPF contributions.

Question 2

What business expenses can I deduct as a freelancer in Singapore?

Accepted Answer

IRAS allows deductions for expenses 'wholly and exclusively incurred' in earning trade income. Deductible: office/co-working rent, equipment (or depreciation), software, business travel, marketing costs, professional fees (accountant, lawyer), business insurance, internet (if exclusively for business). Not deductible: personal expenses, home office rent (unless a distinct room used exclusively for work), client entertainment (partially disallowed), private car expenses.

Question 3

Do freelancers have to pay CPF in Singapore?

Accepted Answer

Freelancers are not required to pay employee CPF contributions. However, if your net trade income exceeds S$6,000/year, you must contribute to MediSave (CPF MA). The MediSave contribution rate depends on your age — roughly 8–9.5% of net income, capped at the MediSave Annual Contribution Limit (S$5,760 in 2024). Voluntary contributions to OA and SA are allowed and are tax-deductible (subject to limits).

Question 4

Can freelancers claim tax relief in Singapore?

Accepted Answer

Yes — freelancers can claim all personal tax reliefs available to employed individuals: earned income relief (up to S$1,000 or S$8,000 if disabled), spouse relief, parent relief, NSman relief, CPF cash top-up relief (up to S$8,000 own + S$8,000 family), SRS relief (up to S$15,300 for SC/PR), and course fees relief. Business expense deductions are separate from personal tax reliefs.

Question 5

When must I declare freelance income to IRAS?

Accepted Answer

All Singapore-sourced income above S$22,000/year must be declared. IRAS income tax filing is typically due by 18 April (e-filing) or 15 April (paper). As a self-employed person, file Form B (not Form B1). You must also register with IRAS for GST if your taxable turnover exceeds S$1 million in a 12-month period.

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