Value-Added Tax Act, 1972
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Duty to keep records. |
16.—(1) Every accountable person shall, in accordance with regulations, keep full and true records of all transactions which affect or may affect his liability to tax. | |
(2) Every person, other than an accountable person, who delivers goods in the course of business or renders services in the course of business shall keep all invoices issued to him in connection with the delivery of goods or the rendering of services to him for the purpose of such business. | ||
(3) Records and invoices kept by a person pursuant to this section and any books, credit notes, debit notes, receipts, accounts, vouchers, bank statements or other documents whatsoever which relate to the delivery of goods by the person or the rendering of services by the person and are in the power, possession or procurement of the person and, in the case of any such book, invoice, credit note, debit note, receipt, account, voucher or other document which has been issued by the person to another person, any copy thereof which is in the power, possession or procurement of the person shall be retained in his power, possession or procurement for a period of six years from the date of the latest transaction to which the records or invoices or any of the other documents relate: | ||
Provided that this section shall not require the retention of records or invoices or any of the other documents in respect of which the Revenue Commissioners notify the person concerned that retention is not required, nor shall it apply to the books and papers of a company which have been disposed of in accordance with section 305 (1) of the Companies Act, 1963 . |