Mandatory Income Submission (MIS) is an IRAS initiative that requires participating platform operators, including Ryde, to submit income information earned by self-employed drivers and delivery platform workers directly to IRAS.
From Year of Assessment (YA) 2028 onwards, this income information will be automatically consolidated and pre-filled in your Income Tax Return.
What does this mean for you?
- Automatic income reporting: Participating operators submit your income information directly to IRAS.
- Simpler tax filing: Income from multiple participating operators will be consolidated in your Income Tax Return.
- Less manual entry: You no longer need to manually enter income already submitted under MIS.
- Business expense deductions: Eligible individuals may benefit from automatic Fixed Expense Deduction Ratio (FEDR).
- Your tax obligations remain: You must still check your pre-filled information and declare any additional income not reported under MIS.
Important: MIS simplifies income reporting. It does not change how your income tax is calculated or remove your responsibility to fulfil your tax obligations.