On 7 December 2020, 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, which was first published in July 2020. The overview includes a list of 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 a list of payouts that are taxable, being revenue receipts of a bu…