As a self-employed person, you will enjoy tax deductions on your mandatory and voluntary CPF contributions. For contributions made this year, you will enjoy tax deduction of 35% of your assessable income, up to $26,775.

If you are also an employee and your combined mandatory CPF contributions as an employee and as a self-employed are less than $26,775, you may claim tax relief for voluntary CPF contributions. However, your total claim for mandatory and voluntary CPF contributions must not be more than $26,775.

If your combined mandatory CPF contributions as an employee and as a self-employed are more than $26,775, you cannot claim relief for any voluntary CPF contributions. To enjoy tax relief, voluntary CPF contributions for the year should reach the Board no later than 31 December of the same year.

Find out more about tax relief for self-employed person.