Keeping Proper Records
You should keep proper records and accounts so that the income earned and expenses claimed can be readily determined.
You are required to keep your records for 5 years .
Examples of the records are Forms IR8A, business expense receipts, payslips, CPF statements, etc.
Example
| YA | Basis period | Keep records up to | Compulsory duration for
keeping proper records |
|---|
| 2013 | 1 Jan 2012 to 31 Dec 2012 | 31 Dec 2017 | 5 years |