Do I need to report income earned from freelance work?

Yes, you are required to report income earned from freelance work to the Inland Revenue Department (IRD). Freelance work is considered self-employment, and therefore it is subject to taxation. It is important to accurately report your income to ensure compliance with tax regulations. Failure to report freelancing income may result in penalties or legal consequences. To report your freelance income, you should keep detailed records of all your earnings and deductible expenses. These records will serve as supporting documentation when filing your tax return. Reporting your freelance income allows the IRD to correctly calculate your tax liability and helps ensure a fair and transparent tax system for all taxpayers.