Record Keeping Requirements

Key requirements

Keep source documents, bank statements, accounting records and schedules that explain income, expenditure and purchases. Filing the tax return does not end the retention obligation. For example, IRAS’s YA 2023 illustration requires records to be kept through 31 December 2027. GST-registered businesses must also support their GST declarations with appropriate records. Accounting software and the IRAS checklists help organise evidence but do not substitute for the underlying documents. Dissolved companies have separate five-year retention responsibilities measured from dissolution, with responsibility allocated to the former officer or liquidator as applicable. Inadequate records can lead to estimated revenue, disallowed deductions or input tax, and statutory penalties. Plan access and storage before strike-off or winding up.