As the COVID-19 situation continues to evolve globally, support measures introduced previously by the Inland Revenue Authority of Singapore (IRAS) and the Central Provident Fund (CPF) Board have been progressively updated to ensure targeted assistance to Singaporeans and businesses affected by the COVID-19 developments.
Further to our previous publications detailing the COVID-19 tax and CPF concessions relief both the IRAS and CPF Board have announced further extension of the support measures from 31 December 2020 until 31 March 2021.
Individuals and employers have to meet additional qualifying conditions in order to benefit from these exemptions. Individuals who fail to meet the additional qualifying conditions may be able to benefit from the concessions up until 31 December 2020, provided that the original qualifying conditions are met, but will not be able to benefit from the concessions up to 31 March 2021.
Additionally, the IRAS has also provided further clarity on the taxability of COVID-19 benefits for an employee who is returning to Singapore from a personal trip (see our PwC insights published on 24 September 2020 for previous updates).