Period of Record Keeping – Article 3 – Federal Tax Procedures Executive Regulations

Article 3 – Period of Record Keeping

1. All accounting records, commercial books, and information shall be retained and maintained in a way that enables the Authority or any employee authorized by it to verify the Tax obligations imposed on the Person concerned for the following periods, unless the Tax Law states otherwise:

   1. A period of (5) five years following the Tax Period to which they relate in respect of a Taxable Person.
   2. A period of (5) five years from the end of the calendar year in which the concerned document was created in respect of all Persons other than Taxable Persons.
   3. A period of (7) seven years from the end of the calendar year in which the concerned document was created for real estate records.

2. In addition to the periods specified in Clause (1) of this Article, the Person shall retain the books and records for the following additional periods, in the following cases:

   1. For an additional period of (4) four years or until the dispute is finally settled, whichever is later in the case of dispute between the Person and the Authority in respect of the Person’s Tax obligations.
   2. For an additional period of (4) four years in case the Person is subject to an ongoing Tax Audit.
   3. For an additional period of (4) four years in case the Authority notified the Person of its intention to conduct a Tax Audit prior to the expiry of the period set out in Clause (1) of this Article.
   4. For an additional period of (1) one year starting from the date of submission of a Voluntary Disclosure in respect of the Taxable Person that submits a Voluntary Disclosure in the fifth year from the end of the relevant Tax Period.

3. Subject to Clauses 1 and 2 of this Article, the Legal Representative shall retain the books and records of the Person he is representing for a period of (1) one year from the date on which such legal representation expires.