As a self-employed, you will enjoy tax deductions on your compulsory and voluntary CPF contributions. For contributions made in 2008, you will enjoy tax deduction of 34.5% of your assessable income, up to $26,393.

If you are also an employee and your combined compulsory CPF contributions as an employee and as a self-employed are less than $26,393, you may claim tax relief for voluntary CPF contributions. However, your total claim for compulsory and voluntary CPF contributions must not be more than $26,393.

If your combined compulsory CPF contributions as an employee and as a self-employed are more than $26,393, you cannot claim relief for any voluntary CPF contributions. To enjoy tax relief, voluntary CPF contributions for the year should reach the Board latest by 31 December of the same year.

Find out more about tax relief for self-employed.