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.
