Update of the Income Tax Treatment of COVID-19-Related Payouts to Businesses by IRAS

Update of the Income Tax Treatment of COVID-19-Related Payouts to Businesses by IRAS

The Inland Revenue Authority of Singapore (IRAS) published an updated version of its overview of the Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals on 7 December 2020. It was first published in July 2020.

Here is the overview of the payouts that are not taxable either because they are not income in nature or a specific exemption has been granted to exempt the payout from tax, as well as payouts that are taxable, being revenue receipts of a business, in accordance with general income tax rules.

Source: IRAS