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

Year of Assessment (YA)Basis periodKeep records up toCompulsory duration for
keeping proper records
20211 Jan 2020 to 31 Dec 202031 Dec 20255 years