Inland Revenue Authority of Singapore (IRAS) has turned its attention to the local blogging community this tax season.
For the first time, the largely unregulated community has received letters from the IRAS stating that all payments and benefits derived from the carrying on of blogging or any other marketing activities performed on social media platforms “constitute gains or profits from a trade or a business under section 10(1)(a) of the Income Tax Act (ITA)”.
“Any benefits whether monetary or in-kind provided to your family and friends will be taxable in your name,” said the note from IRAS.
The rule applies to not only blogging website but social media sites such as Facebook, Instagram, Twitter and the likes.
Payments are taxable regardless whether they are received directly from the advertisers, or indirectly through a social media influencer companies.