- GST-registered businesses in Singapore must keep proper business and accounting records for at least 5 years to support GST declarations.
- Records should cover income, purchases/business expenses, imports/exports, rental agreements, payment evidence, and any transactions affecting output tax or input tax.
- Businesses should also keep supporting documents for special cases, such as private use of business assets, asset disposal, customs warehouse removals, and checks for missing trader fraud.
- Helpful summary records include bank statements, stock lists, general ledgers, financial statements, and sales/purchase listings.
- Electronic records are allowed without special approval if record-keeping requirements are met; failure to keep records may lead to disallowed GST claims or penalties.
Source: iras.gov.sg
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Singapore"
- Singapore Issues New GST Guidance for Construction Industry: Key Rules and Input Tax Clarified
- Appeal on Denial of Input Tax Claims for 82 Transactions under GST Act Dismissed
- Adopting the GST InvoiceNow Requirement – IRAS Webinar on May 14
- Webinar IRAS: Adopting GST InvoiceNow Requirement (May 14)
- Webinar: Adopting GST InvoiceNow Requirement for Seamless Digital Invoicing and Compliance
