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Amendment of section 16 (duty to keep records) of Principal Act.
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121.—Section 16 of the Principal Act is amended—
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(a) in subsection (3) by inserting “, subject to subsection (4),” after “any copy thereof which is in the power, possession or procurement of the person shall”, and
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(b) by inserting the following subsection after subsection (3):
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“(4) Notwithstanding the retention period specified in subsection (3) the following retention periods shall apply:
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(a) where a person acquires or develops immovable goods to which section 4 applies, the period for which that person shall retain records pursuant to this section in relation to that person's acquisition or development of those immovable goods shall be the duration that such person holds a taxable interest in such goods plus a further period of six years,
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(b) where a person exercises a waiver of exemption from tax in accordance with section 7, the period for which that person shall retain records pursuant to this section shall be the duration of the waiver plus a further period of six years.”.
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