Bloggers taken by surprise by IRAS letter on taxable income
938LIVE reports: The memo received by bloggers states that all non-monetary benefits “may be taxable and must be declared”. One blogger said it was the first time she received such a letter.
By Lee Gim Siong, 938LIVE and Justin Ong
Posted 15 Mar 2016 22:07 Updated 15 Mar 2016 22:56
SINGAPORE: Some members of Singapore’s blogging community have expressed surprise at a letter they have received from the Inland Revenue Authority of Singapore (IRAS) clarifying income components - including products or services received via their websites - which need to be declared as part of their annual Income Tax Return.
938LIVE has seen pictures of the letter in question. The memo states that all non-monetary benefits, including sponsorship of products or services received in return for writing or reviewing the sponsors’ products “may be taxable and must be declared”.
Prominent blogger Wendy Cheng, or Xiaxue, told 938LIVE this is the first time she has received such a letter from IRAS.
Ms Cheng said while she is aware that income generated from her website is subjected to tax, it is “difficult” to declare certain benefits-in-kind.
“If someone sends me a lipstick, am I supposed to go find out how much it costs and declare it? Other things like, for example, some fans give me something that’s handmade, how do I put a value on that?”
“Either that or I have to send it back to the company, but that’s very nasty. It’s like saying: 'I don’t like your product'; so it doesn’t make sense to me,” she added.
The IRAS letter sent to bloggers
Kenneth Lee, who blogs on www.5meanders.com wrote: “I think it’s sad, and a little funny, that we’ve come to a point in our country’s storied existence when a channel of expression is taxable.”
Local blogger Alvin Lim, who owns alvinology.com and asia361.com, told Channel NewsAsia the move by IRAS seemed “stringent and rather extreme”.
“If this is really true, it will kill the whole blogging scene. Who will go for food tastings now? IRAS also has to be fair to bloggers - most of us are one-man shows with no resources to do these things,” he said, adding that he presently files taxes under a registered company.
Mr Lim also noted that it would be “double standards” if the same were not applied to media companies. “Do journalists file taxes for media gifts, food tastings, family trips or media junkets?” he asked.
938LIVE understands that IRAS sent the letter as part of its regular engagement with the self-employed and is not meant to target or clamp down on bloggers.
Social media marketing firm Gushcloud said it is aware that the letter has been sent to bloggers under its management, adding that it regularly holds workshops and 1-on-1 meetings to answer their questions on the filing of their taxes.
A food blogger who declined to be identified said he has always been aware of the need to declare the benefits he received through his blog.
More information on what bloggers need to declare can be found here.
- 938LIVE/ek
- wong chee tat :)
Showing posts with label brands. Show all posts
Showing posts with label brands. Show all posts
Wednesday, March 16, 2016
Friday, December 19, 2014
SBS Transit and SMRT submit applications for fare adjustments
SBS Transit and SMRT submit applications for fare adjustments
The PTC commenced its annual fare review exercise on Nov 19, and Friday (Dec 19) is the deadline for public transport operators to submit their applications for fare review for consideration.
SINGAPORE: The Public Transport Council (PTC) has received applications for fare adjustments from Singapore's two public transport operators - SBS Transit and SMRT.
SBS Transit submitted its application for bus and rail fare adjustments "amidst an environment of rising costs", it said in a press release on Friday (Dec 19).
SMRT said last month that it is seeking "a better alignment of fares and operating costs".
The PTC commenced its annual fare review exercise on Nov 19, and Friday is the deadline for public transport operators to submit their applications for fare review for consideration. The decision will be announced in the first quarter of next year, according to the PTC.
Transport Minister Lui Tuck Yew previously told Channel NewsAsia that the maximum allowed public transport fare increase for 2015 is 2.8 per cent.
To evaluate applications, the PTC will take guidance from the fare review mechanism and fare adjustment formula recommended by the Fare Review Mechanism Committee and accepted by the Government in Nov 2013.
- CNA/dl
- wong chee tat :)
The PTC commenced its annual fare review exercise on Nov 19, and Friday (Dec 19) is the deadline for public transport operators to submit their applications for fare review for consideration.
SINGAPORE: The Public Transport Council (PTC) has received applications for fare adjustments from Singapore's two public transport operators - SBS Transit and SMRT.
SBS Transit submitted its application for bus and rail fare adjustments "amidst an environment of rising costs", it said in a press release on Friday (Dec 19).
SMRT said last month that it is seeking "a better alignment of fares and operating costs".
The PTC commenced its annual fare review exercise on Nov 19, and Friday is the deadline for public transport operators to submit their applications for fare review for consideration. The decision will be announced in the first quarter of next year, according to the PTC.
Transport Minister Lui Tuck Yew previously told Channel NewsAsia that the maximum allowed public transport fare increase for 2015 is 2.8 per cent.
To evaluate applications, the PTC will take guidance from the fare review mechanism and fare adjustment formula recommended by the Fare Review Mechanism Committee and accepted by the Government in Nov 2013.
- CNA/dl
- wong chee tat :)
Sunday, October 21, 2012
Maybank tops M'sia valuable brands list
Maybank tops M'sia valuable brands list
The Business Times
Sunday, Oct 21, 2012
KUALA LUMPUR - Three banks and three telcos have topped Interbrand's study of Malaysia's Most Valuable Brands with Maybank emerging the champion, according to Malaysia's Business Times yesterday.
The Association of Accredited Advertising Agents Malaysia (4As) and Media Prima, joint presenters of MMVB 2012, evaluated the candidates' financial performance, role of brand and brand strength.
The study, the fourth in collaboration with the 4As, was undertaken by Interbrand, one of the world's foremost brand consultancies that established the proprietary brand valuation methodology.
The total value of all 30 brands this year is RM80.2 billion (S$32 billion), representing a 49 per cent increase from 2009. The top two brands - Maybank and CIMB - registered more than 100 per cent growth since three years ago. AirAsia, ranked 12th, posted 257.3 per cent growth, the biggest increase among the 30 listed brands.
"To thrive in today's economy, brands must possess the ability to connect emotionally with consumers and engage them with a meaningful experience," Deputy Minister of the Ministry of International Trade and Industry Mukhriz Mahathir said. "Brands must function as the economy/s growth engine. Advertising firms and marketers must encourage this creative democracy to enable our economy to flourish, to the extent that both our products and services are sought the world over," he added.
Brands listed in the valuation must be consumer- facing, originate or be first launched in Malaysia, and be owned by companies listed on Bursa Malaysia. The brand must be an economic asset and contribute to the overall financial well-being of that company.
Maybank's campaign, "Humanising Financial Services Across Asia", an aggressive programme of mergers and acquisitions, helped elevate the nation's leading bank to pole position.
Among telcos, Maxis enhanced customer satisfaction by introducing innovative services that generated additional revenue streams.
This year's study saw the entry of IOI, F&N, SP Setia, and Old Town White Coffee and TM.
Said 4As president Tony Savarimuthu: "While brands have a commercial focus, they are a force for positive change in the society. Driven by consumer expectations of corporate behaviour, the role and value of brands has evolved.
"While the valuation is based on rigour and methodology, there are no finite answers. It is, however, an important bellwether on the state of the nation's brands, provokes debate of best practices and acts as a key platform for discussion and strategy in boardrooms, especially in the media."
- wong chee tat :)
The Business Times
Sunday, Oct 21, 2012
KUALA LUMPUR - Three banks and three telcos have topped Interbrand's study of Malaysia's Most Valuable Brands with Maybank emerging the champion, according to Malaysia's Business Times yesterday.
The Association of Accredited Advertising Agents Malaysia (4As) and Media Prima, joint presenters of MMVB 2012, evaluated the candidates' financial performance, role of brand and brand strength.
The study, the fourth in collaboration with the 4As, was undertaken by Interbrand, one of the world's foremost brand consultancies that established the proprietary brand valuation methodology.
The total value of all 30 brands this year is RM80.2 billion (S$32 billion), representing a 49 per cent increase from 2009. The top two brands - Maybank and CIMB - registered more than 100 per cent growth since three years ago. AirAsia, ranked 12th, posted 257.3 per cent growth, the biggest increase among the 30 listed brands.
"To thrive in today's economy, brands must possess the ability to connect emotionally with consumers and engage them with a meaningful experience," Deputy Minister of the Ministry of International Trade and Industry Mukhriz Mahathir said. "Brands must function as the economy/s growth engine. Advertising firms and marketers must encourage this creative democracy to enable our economy to flourish, to the extent that both our products and services are sought the world over," he added.
Brands listed in the valuation must be consumer- facing, originate or be first launched in Malaysia, and be owned by companies listed on Bursa Malaysia. The brand must be an economic asset and contribute to the overall financial well-being of that company.
Maybank's campaign, "Humanising Financial Services Across Asia", an aggressive programme of mergers and acquisitions, helped elevate the nation's leading bank to pole position.
Among telcos, Maxis enhanced customer satisfaction by introducing innovative services that generated additional revenue streams.
This year's study saw the entry of IOI, F&N, SP Setia, and Old Town White Coffee and TM.
Said 4As president Tony Savarimuthu: "While brands have a commercial focus, they are a force for positive change in the society. Driven by consumer expectations of corporate behaviour, the role and value of brands has evolved.
"While the valuation is based on rigour and methodology, there are no finite answers. It is, however, an important bellwether on the state of the nation's brands, provokes debate of best practices and acts as a key platform for discussion and strategy in boardrooms, especially in the media."
- wong chee tat :)
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