![Update of the Income Tax Treatment of COVID-19-Related Payouts to Businesses by IRAS](https://assets-global.website-files.com/609a755dd645c51da3be5f8d/60ed5469b74f8dd9f204ce76_54.png)
Update of the Income Tax Treatment of COVID-19-Related Payouts to Businesses by IRAS
Download Now: FREE GST 2023 GuidebookDownload Now: FREE Employment Pass ChecklistDownload Now: Free Incorporation ChecklistThe 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.
![](https://assets-global.website-files.com/609a755dd645c51da3be5f8d/60c992a3bff68b298a062f44_Screenshot%202021-06-16%20at%201.54.57%20PM.png)
Source: IRAS
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