I am the proprietor of a business. Am I entitled to the basic or other tax allowances (such as child, single parent, dependent parent, dependent grandparent or dependent brother/sister allowances), and Home Loan Interest deduction?

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I am the proprietor of a business. Am I entitled to the basic or other tax allowances (such as child, single parent, dependent parent, dependent grandparent or dependent brother/sister allowances), and Home Loan Interest deduction?

2011-10-26 03:14 PM

Li Yuan

1 Answer

Your Answer

Profits from sole proprietorship/partnership businesses are taxed at the standard rate (15% for year of assessment 2010/11) under "Profits Tax". However, if you are eligible to elect "Personal Assessment", by doing so you may claim the allowable deductions and the tax on your income will be computed at the progressive rates applicable to "Salaries Tax".

2011-10-26 03:38 PM

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