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It outlines essential compliance requirements, including the necessity of maintaining accurate financial records for at least five years, the process for filing income tax returns using Form B, and the criteria for mandatory GST registration. Furthermore, the document details the legal requirements for compulsory Medisave contributions based on net trade income thresholds. It also elaborates on the types of necessary source documents, such as invoices, receipts, and bank statements, and explains IRAS-related protocols like the Voluntary Disclosure Programme and the issuance of a Notice of Computation for Medisave contributions. The content serves as a guide for ensuring adherence to local income tax laws and proper business revenue reporting.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/tax-obligations-of-self-employed-persons-commission-agents/304226/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/tax-obligations-of-self-employed-persons-commission-agents/304226.png","ImageObject",442,249,{"name":88,"@type":89},"Elsa","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-20","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Who is considered a self-employed person according to these guidelines?","Question",{"text":108,"@type":109},"A self-employed person includes sole proprietors of registered businesses, partners in partnership businesses (including LLP or LP), and individuals exercising a specific profession or vocation.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What are the conditions for mandatory Medisave contributions?",{"text":113,"@type":109},"Medisave contributions are compulsory for self-employed Singapore Citizens or Permanent Residents whose yearly net trade income exceeds $6,000.",{"name":115,"@type":106,"acceptedAnswer":116},"For how long must business records be kept for tax purposes?",{"text":117,"@type":109},"Taxpayers are required to keep proper records and accounts relating to their business for a minimum period of five years.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},304226,1789811264,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},137455077381,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","Tax Obligations of Self-Employed Persons  \nAgenda  \n• Obligations as a Self-Employed Person  \n• Keeping Proper Records  \n• Filing Income Tax Returns  \n• Avoiding Common Errors  \n• Reporting of Rental Income  \n• Seeking Assistance  \n• Penalties  \n• IRAS’ Voluntary Disclosure Programme  \nObligations as a Self-Employed Person  \nWho is a self-employed person?  \nSole proprietor of registered business  \nPartner of a partnership business (normal partnership, limited liability partnership, limited partnership)  \nPerson exercising profession or vocation  \nKnow Your Tax Obligations  \nComply with Income Tax Laws  \nKeep proper records & accounts for at least 5 years  \nSubmit Form B/ Pon time  \nReport a complete & accurate set of business income  \nRegister for GST if your business revenue:  \n• exceeded $1 million a year, or  \n• is expected to exceed $1 million a year.  \nMedisave Contributions  \n• Compulsory to contribute to Medisave if:  \nYou are a self  \nemployed person  \nYou are a Singapore Citizen or Permanent Resident  \nYour yearly net trade income is more than $6,000  \n• IRAS will issue a Notice of Computation (NOC) to inform you of your Medisave contributions.  \nKeeping Proper Records  \nTypes of Records  \nSource Documents  \nAccounting Records & Schedules  \nBank Statements  \nAny other supporting records relating to your business  \nBusiness Records  \nIncome Records Expense Records  \nAssets  \nSeparate Bank Account  \nIncome Records  \nRecords of commission earned from property related transactions, e.g. bank commission, sub-agent commission, commission from developer, rental commission, referral fees and so on. Source documents will include:  \nReceipt Book  \nCustomers’ records  \nInvoices Issued  \nRefunds made to customers","cbCaiu7CS863Lh9v","https://ap.wps.com/l/cbCaiu7CS863Lh9v","pdf",2282537,56,"English","# Obligations as a Self-Employed Person\n## Definition and Compliance Requirements\n## Medisave Contributions\n# Keeping Proper Records\n## Types of Business Records\n## Income and Expense Documentation\n# Tax Filing and IRAS Protocols\n## Income Tax Returns and Reporting\n## Voluntary Disclosure Programme","[{\"question\":\"Who is considered a self-employed person according to these guidelines?\",\"answer\":\"A self-employed person includes sole proprietors of registered businesses, partners in partnership businesses (including LLP or LP), and individuals exercising a specific profession or vocation.\"},{\"question\":\"What are the conditions for mandatory Medisave contributions?\",\"answer\":\"Medisave contributions are compulsory for self-employed Singapore Citizens or Permanent Residents whose yearly net trade income exceeds $6,000.\"},{\"question\":\"For how long must business records be kept for tax purposes?\",\"answer\":\"Taxpayers are required to keep proper records and accounts relating to their business for a minimum period of five years.\"}]","Tax Obligations of Self-Employed Persons - Commission Agents | PDF",20]