BUSINESS LAW - Record keeping required by Inland Revenue Authority of Singapore (IRAS)

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    By virtue of the Income Tax Act, every person carrying on or exercising any trade, business, profession or vocation in Singapore shall keep and retain sufficient records to which any income relates so as to enable his income to be readily ascertained by the Comptroller of Income Tax.  All businesses are to keep and retain sufficient records so as to work out the business assessable income and allowable deductions.  These business records must be kept for a certain number of years.  Business records will include the books of account recording receipts or payments or income or expenditure. Business records includes invoices, vouchers, receipts, and such other documents as in the opinion of the Comptroller are necessary to verify the entries in any books of accounts. Delegation of such business record keeping duties should be given to accountants.  Outsourcing of such business record keeping to an accountant is prudent.