The Inland Revenue Authority of Singapore (IRAS) has updated two e-Tax Guides on record-keeping requirements for businesses on 31 March 2025.
The Record Keeping Guide for GST-Registered Businesses (Eleventh Edition) outlines the necessary record-keeping standards for businesses registered under the Goods and Services Tax (GST) to comply with both GST and Income Tax laws. It applies to various entities, including companies, partnerships, and government bodies.
The Record Keeping Guide for Non-GST Registered Businesses (Fifth Edition) details record-keeping requirements for businesses not registered for GST, focusing on compliance with Income Tax laws. It includes simplified requirements for small businesses, introduced in 2014, to ease their record-keeping burden.
This guide is designed to help non-GST registered businesses prepare and keep records for Income Tax purposes. IRAS recognises that small businesses have simpler business and tax affairs, and has introduced simplified record keeping requirements for small businesses from 1 January 2014. Qualifying businesses can choose to adhere to the record keeping requirements set out in the e-Tax Guide, “Simplified Record Keeping Requirements for Small Businesses”.
