Jun 2012 The Inland Revenue Authority of Singapore (“IRAS”) announced some time ago that, from Year of Assessment 2008 onwards, employers are only required to retain IR8As, expense receipts, payroll records etc for a period of five years (reduced from the previous seven-year record keeping requirement). Whilst this should generally help employers to reduce their administration, it also means that the window of opportunity to request tax refunds, particularly from the reassessment of “deemed gains” taxed on departure from Singapore, will be shortened as well. This publication provides further detail on the transition to the new rules and how this may affect employers doing business in Singapore.
