In Singapore, businesses must keep records such as receipts. These can be digital receipts. Physical copies do not need to be kept if the records are kept electronically. You do not need to ask for approval to keep your records in digital form. 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.
The business records must be up-to-date, and in such a manner that would enable the Inland Revenue Authority of Singapore (IRAS) to verify the values stated in the tax returns.
Businesses must retain their accounting records and supporting documents for at least 5 years from the relevant year of assessment.