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Are severance payments taxable? How do I report them in the Form IR21?
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Please refer to this webpage for more information on the taxability of the different types of severance payments. Please report the details of the payments accordingly in Section F of the Form IR21 for our review. If your organisation is carrying out a mass retrenchment exercise, you can check with us on the taxability of the payments once the retrenchment package has been finalised by providing details of the retrenchment package and the basis of arriving at each component.
This information provided here is sourced from the IRAS website.
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