[IRAS] Fixed Expense Deduction Ratio (FEDR) for Individual Self-employed Commission Agents

Dear Members

With effect from the Year of Assessment 2020 (in respect of income earned in the year 2019), individual self-employed commission agents (including property agents, insurance agents and remisiers) earning gross commission of up to $50,000 in a year, can claim deduction of expenses based on a deemed expense ratio of 25% of gross commission received. Alternatively, commission agents may claim actual business expenses if their business expenses are more than 25% of gross commission received. This initiative aims to ease tax compliance and facilitate tax fillings for individual self-employed commission agents.

You may wish to refer to the following link for more information: https://go.gov.sg/iras-commissionfedr

If you need further clarification or assistance, please contact IRAS by calling 1800 356 8300 or you can chat with their officers at "Chat with us" from Mondays to Fridays, 8am to 5pm.


[IRAS] Budget 2018 "Changes to the Stamp Duty Structure"

With reference to the Budget 2018 update issued by the Inland Revenue Authority of Singapore (IRAS) on the changes to the rate structure of the buyer’s stamp duty (BSD) with effect from 20 February 2018.

Please Click Here for the Circular.

Real estate agents and their salespersons are to take note and inform their clients that BSD rates are differentiated between residential and non-residential properties. The top marginal BSD rate for residential properties has been increased to 4% where the consideration or market value exceeds $1 million. There are no changes to the BSD rates for non-residential properties.
IRAS is conducting a Stamp Duty seminar next Monday, 26 February 2018, 5-6 pm, at the Revenue House Auditorium to brief on the BSD changes, the new remissions for BSD and changes in the e-Stamping Portal. To register for the seminar, please visit IRAS website.
If you or your salespersons require further clarification pertaining to the above, please refer to IRAS’ e-Tax Guide on Buyer’s Stamp Duty on Residential and Non-Residential Properties.