Income is reported for the preceding year
The guide requires reporting last year’s taxi income and income from all other sources in the current-year return. Revenue includes gross passenger fares and rent received from relief drivers. It gives a S$200,000 boundary for the two-line versus four-line statement, and identifies the old S$100,000 boundary for YA 2020 and earlier.
Every line in the reporting format
Above S$200,000, report revenue, gross profit/loss equal to that revenue, allowable costs of earning driving income, and adjusted profit/loss equal to revenue less expenses. At S$200,000 or less, report revenue and adjusted profit/loss. The format boundary is not a minimum-income exemption.
The 60% option and both examples
From YA 2019, covering income earned in 2018, the source allows an expense deduction of 60% of driving income, deemed to cover all driving costs including taxi rental and diesel. For 2021 revenue of S$200,100, its four lines are S$200,100 revenue, S$200,100 gross profit, S$120,060 expenses and S$80,040 adjusted profit. For S$60,000 revenue, the two lines are revenue S$60,000 and adjusted profit S$24,000. These are the source’s dated examples, not extra deductions added on top of the percentage.
The actual-cost alternative
Instead, claim actual allowable business expenses: vehicle rental, vehicle washing, driving licence, diesel, vocational licence, ERP paid by the driver and parking. The guide excludes personal or family food, household and medical expenses, personal or family entertainment, traffic fines and CPF contributions from this business-expense claim. A separate personal-relief question is not decided by this expense list.
Records for actual expense claims
For the actual-cost option keep proper daily records and all supporting documents, including receipts and operators’ annual statements, for five years from the YA to which the claims relate. IRAS may adjust claims after verifying records. Choosing actual expenses does not allow a duplicate 60% deduction on the same income.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗