Tax treatments for players of the car sharing industry
The car sharing industry is commonly used to describe the peer-to-peer or business-to-consumer (B2C) sales transactions that are facilitated by community-based online platforms such as Grab, Gojek etc. If you have earned income from using one of the many online platforms to provide car rides, delivery services, rental of cars, provide funds to businesses and startup to provide goods and services to others, you are likely to be part of the car sharing industry.
Income derived from the car-sharing industry is generally taxable notwithstanding the activity is a side line or part time income. You can claim expenses incurred in the earning of such income ie deductible expenses.
To help taxpayers to better understand their tax obligations, IRAS has provided information on broad segments of activities that typically constitute the industry. Click here for the essential tax information issued by IRAS
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