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Reporting Business Income

When filing your annual Income Tax Return, you also need to report your business income to the Inland Revenue Authority of Singapore (IRAS).


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Published by Enterprise Singapore
on 11 Oct 2019

Reporting Business Income

Where To Report Business Income

A. For Sole-Proprietorships

Use Income Tax Return (Form B or B1).

B. For Partnerships

Use Income Tax Return (Form P).

C. For Companies

Use Income Tax Return (Form C / Form C-S).

 

How To Report Business Income

A. For Sole-Proprietorships

  • The details you report will depend on your business revenue.

  • If your annual revenue is less than $100,000, report a 2-Line Statement with the following: 
    • revenue
    • adjusted profit/loss
  • If your annual revenue is more than $100,000, report a 4-Line Statement with the following:
    • revenue
    • gross profit/loss
    • allowable business expenses
    • adjusted profit/loss
  • Prepare statements of accounts with the following: 
    • trading and profit and loss account
    • balance sheet

B. For Partnerships

  • If you are a partner, you are considered a self-employed person. You are required to report your partnership income in your Individual Income Tax Return.

  • The precedent partner — the first named in the partnership agreement or appointed by others to be precedent partner — is required to report the partnership income in Form P on behalf of the other partners.

  • Individual partners will only have to file Form B or B1, while precedent partners need to file both Form P and Form B or B1.

  • Report the following:
    • your share of partnership profit/loss
    • your salary, bonus, Central Provident Fund contribution, and other benefits from the partnership
       
  • For more details, please refer to Business Income for Partners.

C. For Companies

  • Report your company’s income using Form C / Form C-S. Attach the audited accounts and your tax computation.
  • If your company is dormant or it is private exempt (that is, it has less than 20 individual shareholders), and if your revenue for the financial year is less than $5M, you are not required to have your company's accounts audited for the financial year.
  • You may also be required to file your company’s Estimated Chargeable Income (ECI) within 3 months from the end of your financial year. ECI is an estimate of your taxable income after deducting tax-allowable expenses.
 

Getting More Information

 

Last Modified Date: 11 Oct 2019