Singapore law requires companies to keep proper records and supporting documents so that income and claims can be verified. As a rule, these must be retained for at least five years from the relevant Year of Assessment – even if the business has since ceased.
The records you should keep fall into a few groups: source documents such as sales invoices, receipts, purchase invoices and expense vouchers; accounting records and schedules, including your general ledger, fixed-asset register and stock records; and banking records such as statements and cheque stubs. You should also retain contracts, agreements and the tax computation and working papers supporting each return.
Records may be kept in electronic form provided they are readily accessible and can be reproduced legibly. Good record-keeping is not just a compliance requirement – it is what allows you to substantiate deductions, capital allowances and reliefs if IRAS raises a query.
Apexia can set up a record-keeping system that meets IRAS requirements and keeps your documentation audit-ready.