- The Inland Revenue Authority of Singapore has updated its guidance on Record Keeping Requirements.
- Companies must maintain proper records of financial transactions and retain source documents, accounting records, bank statements, and other records for at least 5 years from the relevant Year of Assessment.
- Good record keeping practices can lead to better business decisions, awareness of financial status, and reduced costs for tax compliance.
- The use of accounting software is encouraged, and there are various guides and checklists available to ensure compliance.
- Failure to comply with record keeping requirements can result in penalties and other actions by IRAS.
Source Orbitax
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