I used to declare my income to CPFB to determine my Workfare Income Supplement (WIS)/excess Contribute-As-You-Earn (CAYE) contributions for the year. Why is CPFB no longer accepting income declarations?
The Inland Revenue Authority of Singapore (IRAS) has been appointed as the single collecting agency for all SEPs’ income information from Work Year 2023 (or Year of Assessment 2024). This means that all SEPs will now declare their net trade income (NTI), including all other sources of income derived from Work Year 2023, to IRAS. SEPs who receive a notification (via letter/form/SMS) to file tax from IRAS or meet the requirement to file tax (i.e. NTI above $6,000 and/or Total Income above $22,000), will need to complete and submit the tax return to IRAS directly. The income tax filing period is from 1 March to 18 April annually.
SEPs who do not receive a notification from IRAS or do not meet the requirement to file tax may declare their self-employed net trade income (NTI), including all other sources of income derived from Work Year 2023, to IRAS via myTax Portal which will be available from 1 March to 31 October annually for taxpayers to e-File tax returns.
SEPs will receive a Notice of Computation (NOC) from IRAS if they are required to make MediSave contributions, after IRAS has issued a Notice of Assessment for the relevant Year of Assessment.
