Singapore Updates Guidance on Record Keeping Requirements

• 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

---

---