Time Duration for Records and Accounts Keeping for Tax Purposes

In Singapore, the tax authorities require all businesses to retain their accounting records and supporting documents for a period of five years from the relevant year of assessment. For example:

1)  Companies with December financial year-end

Required to keep until 31 December 2017 for records of the financial year 1 January 2012 to 31 December 2012

2)  Companies with non-December financial year-end

Required to keep until 31 December 2017 for records of the financial year 1 July 2011 to 30 June 2012

Therefore, it is important for companies to make sure it keeps and maintains all records and accounts in order for them to be available for audit when it arise. Failure to do so may result in expenses claimed being disallowed or penalties imposed by IRAS.

 

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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