On or about 3 January 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fifth edition of GST e-Tax Guide: Record Keeping Guide for GST-Registered Businesses. It replaces the previous edition which was published on 24 July 2017.
This e-Tax Guide aimed to provide the mandatory record keeping requirements for businesses registered for Goods and Services Tax (“GST”) in order to comply with Singapore Tax laws.
This e-Tax Guide has been updated to give greater clarity on record keeping requirements and has also subsumed the following e-Tax Guides:
- Keeping Records of Business and Transactions in Microforms;
- Keeping Machine-Sensible Records and Electronic Invoicing; and
- Keeping of Records in Imaging Systems.
This revised guide has amended paragraphs 4.1.1, 4.2.1, 4.3.1, 5.1, 5.1.1 and inserted new paragraphs 5.1.2 and 5.5.4 on customer accounting record keeping requirements.
Source: IRAS, 3 January 2019