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Proper record-keeping is crucial for accurate tax reporting and to navigate audits or inquiries by the Inland Revenue Authority of Singapore (IRAS). Tax Reporting Methods Adopt the accrual method of bookkeeping for accurate reporting. Tax Rates and Carry Over Losses Sole proprietors are taxed at personal income tax rates.
These include: • Month- and year-end closes • Audit and tax season • Budgeting season • Holidays and personal time off (PTO) During these periods, time management tips for accounting and finance professionals are especially important. For most companies, audit season coincides with this period.
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