- 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
Latest Posts in "Singapore"
- IRAS Updates Guidance on Completing GST Returns
- GST: Comprehensive Business Guide by IRAS, 15th Edition, Published January 2024
- Guide to Cancelling GST Registration: Compulsory and Voluntary Procedures Explained
- Singapore clarifies GST Return Filing and Payment Deadlines
- IRAS Updates GST Filing Guidance: Error Corrections, Refund Claims, and Extension Deadlines Explained
