Global Daily Tax News, Singapore Clarifies Record-Keeping Rules For Non-Taxable Persons, (Apr 1, 2025)

The Inland Revenue Authority of Singapore has released a new value-added tax guide on the records that must be kept by non-GST-registered taxpayers.

The guidance confirms that businesses should retain:

• Source documents that substantiate all business transactions including receipts, invoices, vouchers, other relevant documents issued to or received from customers and suppliers, and bank statements;

• Accounting ledgers, schedules, and journals documenting a business's assets and liabilities, income and expenses, profits and losses; and

• Any other written evidence of transactions connected with the business.

The guidance underscores that these record-keeping requirements apply regardless of the payment mode or platform through which the business transactions were processed such as cashless e-payment services (e.g. PayNow), Buy Now, Pay Later (BNPL) platforms, e-commerce marketplaces, and delivery platforms, etc., IRAS said.