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Updated employer tax reporting requirements for retrenchment payments
The Inland Revenue Authority of Singapore (IRAS) has recently updated the reporting requirements for retrenchment payments, which will take effect from the Year of Assessment (YA) 2026 (calendar year 2025). Under the updated reporting requirements, employers can self-assess the taxability of retrenchment payment components and declare the taxable and non-taxable amounts in the employer’s tax forms (i.e., Form IR8A or IR21).