Duty to keep records
46.—(1)  Every taxable person must keep the following records:
(a)the taxable person’s business and accounting records;
(b)the taxable person’s accounts as required by regulations made under section 41;
(c)copies of all invoices and receipts issued by the taxable person;
(d)invoices received by the taxable person;
(e)documentation relating to importations and exportations by the taxable person;
(f)all credit notes, debit notes or other documents which evidence an increase or decrease in consideration that are received, and copies of all such documents issued by the taxable person;
(fa)where applicable, records of the reasonable steps taken by the taxable person to determine whether or not the supply made to the taxable person was a part of an arrangement mentioned in section 20(2A);
(g)such other records as may be prescribed.
[37/2017; 42/2020]
(1AA)  Any person who is required to account for tax on a reverse charge supply must, in addition to the records mentioned in subsection (1), maintain the following:
(a)sufficient records of the reverse charge supply to enable the following particulars to be ascertained:
(i)the name and address of the person or branch, or member of the group mentioned in section 30(1A), whose supply gave rise to the reverse charge supply under section 14 (called in this section the supplier);
[Act 34 of 2021 wef 01/01/2022]
(ii)the date on which, or the period during which, the distantly taxable goods or services under the supply made by the supplier were in fact received;
[Act 34 of 2021 wef 01/01/2022]
(iii)a description of the distantly taxable goods or services in fact supplied;
[Act 34 of 2021 wef 01/01/2022]
(iv)the consideration for the supply made by the supplier;
[Act 34 of 2021 wef 01/01/2022]
(v)the time by which payment of the consideration for the supply made by the supplier is required;
[Act 34 of 2021 wef 01/01/2022]
(vi)the reference number of any invoice relating to the supply made by the supplier;
[Act 34 of 2021 wef 01/01/2022]
(vii)any contract, agreement or arrangement entered into in respect of the supply made by the supplier;
[Act 34 of 2021 wef 01/01/2022]
(viii)where any invoice, contract, agreement or arrangement is in a foreign language, a translation of the same into English, if the Comptroller requires;
(ix)such other records as may be prescribed;
(b)where an election under section 11C(8)(c) or 14(5) or (6) has been made, a record of the election and such information and supporting documents relating to the election, in such form and manner, as required by the Comptroller.
[52/2018]
(1A)  Without affecting subsection (1) or (1AA), the Comptroller may, for the protection of revenue, direct in writing any taxable person to keep records of the models and serial numbers of any goods supplied to or by the taxable person; and the taxable person must comply with the direction.
[37/2017; 52/2018]
(1B)  Where the taxable person is an operator of an electronic marketplace mentioned in the Seventh Schedule, the duty of the operator to keep records under this section includes records relating to —
(a)where paragraph 3(2)(b)(ii) of the Seventh Schedule applies, all supplies of services of the relevant overseas underlying supplier made to any person belonging in Singapore;
[Act 34 of 2021 wef 01/01/2022]
(aa)where paragraph 3(3A)(b)(i)(B) of the Seventh Schedule applies —
(i)if the operator has not made an election under paragraph 4A of the Seventh Schedule — all supplies of distantly taxable goods that the operator is treated as making instead of any underlying supplier; and
(ii)if the operator has made an election under paragraph 4A of the Seventh Schedule — all supplies mentioned in sub‑paragraph (i), and supplies of goods that are treated as made by the operator instead of the underlying supplier and that are also treated as not being supplies of distantly taxable goods under that paragraph;
[Act 34 of 2021 wef 01/01/2022]
(b)where the operator makes an election under paragraph 5 of the Seventh Schedule, all supplies of services of any local underlying supplier (that are treated as made to the operator) in fact made to any person belonging in Singapore; and
[52/2018]
[Act 34 of 2021 wef 01/01/2022]
(c)where the operator belongs in Singapore and has been granted approval under paragraph 6 of the Seventh Schedule —
(i)if the operator has not made an election under paragraph 5 of the Seventh Schedule — all supplies of services of any overseas underlying supplier (that are treated as made to the operator) in fact made to a registered person; and
(ii)if the operator has made an election under paragraph 5 of the Seventh Schedule — all supplies of services of any overseas underlying supplier and any local underlying supplier (that are treated as made to the operator) in fact made to a registered person.
[Act 34 of 2021 wef 01/01/2022]
(1C)  Despite subsection (1), a registered (Seventh Schedule — pay only) person need not keep records of supplies of goods or services made to the person or imports of goods by the person.
[52/2018]
(1D)  Where the taxable person is a redeliverer mentioned in the Seventh Schedule that is treated as making supplies of goods under the Seventh Schedule, the duty of the redeliverer to keep records under this section includes records relating to —
(a)the receipt issued by the supplier, underlying supplier or operator of the electronic marketplace of the goods or other confirmation by the supplier, underlying supplier or operator of the value of the consideration for each supply; or
(b)if the receipt or other confirmation mentioned in paragraph (a) is not available, the value of the consideration for the supply disclosed to the redeliverer by the person (X) arranging with the redeliverer for the delivery of the goods to a place in the customs territory or a person acting on X’s behalf,
being a supply of distantly taxable goods, or a supply of distantly taxable goods that is treated (by reason of an election by the taxable person under paragraph 4A of the Seventh Schedule) as not being such a supply.
[Act 34 of 2021 wef 01/01/2022]
(2)  Any records kept pursuant to this section must be preserved —
(a)in the case of records relating to a prescribed accounting period ending before 1 January 2007, for a period of not less than 7 years after the end of the prescribed accounting period; and
(b)in the case of records relating to a prescribed accounting period ending on or after 1 January 2007, for a period of not less than 5 years after the end of the prescribed accounting period.
[28/2007; 42/2020]
(3)  The duty under this section to preserve records may be discharged by the preservation of the information contained therein by such means as the Comptroller may approve.
(3AA)  Without affecting subsection (3), the Comptroller may direct in writing any taxable person to keep or preserve, or both keep and preserve, by any electronic means specified in the direction, any records under subsection (1), (1AA), (1A), (1B) or (1D) of the taxable person as the Minister may prescribe; and the taxable person must comply with the direction.
[37/2017; 52/2018]
[Act 34 of 2021 wef 01/01/2022]
(3A)  Where the information is preserved in accordance with subsection (3) or (3AA), a copy of any document forming part of the records is, subject to subsections (4) and (5), admissible in evidence in any proceedings, whether civil or criminal, to the same extent as the records themselves.
[37/2017]
(4)  The Comptroller may, as a condition of approving under subsection (3) any means of preserving information contained in any records, impose such reasonable requirements as appear to the Comptroller necessary for securing that the information will be as readily available to the Comptroller as if the records themselves had been preserved.
(5)  A statement contained in a document produced by a computer is not by virtue of subsection (3A) admissible in evidence in civil or criminal proceedings except in accordance with the Evidence Act 1893.
(6)  Any person who without reasonable excuse fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months or to both and, in the case of a second or subsequent conviction, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.
(7)  In this section, “electronic marketplace”, “local underlying supplier”, “overseas underlying supplier” and “underlying supplier” have the meanings given by paragraph 1(1) of the Seventh Schedule.
[Act 34 of 2021 wef 01/01/2022]
Singapore Statutes Online
© 2024 Attorney-General's Chambers of Singapore,
Last updated 29 Apr 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.