Wednesday, March 16, 2016

Singapore bloggers get surprise letter from taxman on non-monetary benefits...

There is no escaping the taxman in Singapore. The Inland Revenue Authority of Singapore is extending its reach to a new income stream - bloggers who receive products or services via their websites.

The IRAS has sent out letters to the blogging community in Singapore clarifying the nation's income components and what needs to be declared as part of their annual income tax return. This, according to the letter, includes all non-monetary benefits, including sponsorship of products or services received in return for writing or reviewing the sponsors' products 'may be taxable and must be declared.'

A blogger Wendy Cheng told 938LIVE that this was the first time she had such a letter from the taxman. It has not gone down well. She says it is difficult to declare certain benefits-in-kind.

"If someone sends me a lipstick, am I supposed to go find out how much it costs and declare it? Other things like, for example, some fans giving me something that's handmade, how do I put a value on that?" she asks.

She continued: "Either that or I have to send it back to the company, but that's very nasty. It's like saying: 'I don't like your product', so it doesn't make sense to me." Full story...

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