On 17 January 2017, IRAS revised the e-Tax Guide on “Record Keeping Guide for GST-registered Businesses” and “Record Keeping Guide for Non-GST Registered Businesses“. The purpose of the amendment is to provide greater clarity on the record keeping requirements for “Electronic Records”
IRAS clarifies that records can be kept electronically using a computer and/ or accounting software. This includes using Microsoft Office applications, off-the-shelf accounting software, customised accounting software and image systems. Physical copies of source documents need not be kept to substantiate your business transactions for tax purposes if the source documents are kept electronically.
Businesses do not need to seek approval from IRAS to keep their records in an electronic format for tax purposes. However, businesses should ensure that proper internal controls are put in place to ensure the integrity, completeness, accuracy, availability and reliability of the electronic records, including all transactions executed electronically, where applicable.
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