Update of the Income Tax Treatment of COVID-19-Related Payouts to Businesses by IRASDownload Now: FREE GST 2023 GuidebookDownload Now: FREE Employment Pass ChecklistDownload Now: Free Incorporation Checklist
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.
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