№ lp_2_3_33382
Administrative tax guidance outlining the rules, conditions, and record-keeping requirements for claiming either a 60% deemed expense ratio or actual car-related business expenses against driving income for PHC and taxi drivers in Singapore from YA 2019 onwards.
Issuing Authority: Inland Revenue Authority of Singapore (IRAS)
Country: Singapore
Subject: Tax deduction for car-related expenses
Applicable To: PHC drivers and taxi drivers
Year of Assessment: From YA 2019 onwards
Income Period Covered: Income earned from 2018 onwards
Deduction Options: 60% prescribed deemed expense ratio or actual business expenses
Revenue Threshold for Simplified Record Keeping: $100,000 (increased to $200,000 from YA 2021)
Record Retention Period: 5 years from the relevant YA
Related Licences Mentioned: Private-Hire Car Driver’s Vocational Licence (PDVL), Taxi Driver’s Vocational Licence (TDVL)
Objection Period: Within 30 days from the date of the Notice of Assessment
Price: 8 / 10 USD
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