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Check out information related to income tax for sole proprietors and partnerships in Singapore.
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Income Tax for Sole Proprietors and Partnerships

Sole-proprietors are considered "self-employed" i.e. they do not pay themselves any wages. The business income is treated as part of the total personal income and taxed at personal income tax rates.Partnership is a type of business in which partners (owners) share with each other the profits or losses of the business.
The Basics
Taxable Income
Any income that is "accrued" or received in Singapore by a person or business is subject to income tax. It means that if the customer pays for a product in Singapore or the assessee receives money from the overseas sales in Singapore, the money is subject to tax. Taxable income includes income from businesses, salary from employment, interest earned on deposits and rental income. 

Capital Gains

Capital Gains are not subject to tax.
For e.g. if one buys and sells shares at a profit, the profit is not subject to tax. However the dividend that one earns from the shares is income and is subject to tax.  

Tax Rates & Exemptions
As the business income forms part of the personal income, the two are calculated together, when one files for the tax returns. The business income is reported separately (Form B or B1) and added to all the other personal income. The total is then subject to personal income taxes.

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