Method of Keeping Accounting Records and Commercial Books – Article 4 – Federal Tax Procedures Executive Regulations

Article 4 – Method of Keeping Accounting Records and Commercial Books

1. The obligation to keep accounting records and commercial books shall be met by either:

   1. Creating a record and retaining the original documents which support the entries contained in the record.

   2. Creating a record and retaining the information contained in the original documents, provided that the following is met:

      1. The information contained in the record is identical to the data contained in the original document, and shall be available during the periods referred to in Article 3 of this Decision.
      2. The information is retained or stored in either photocopy or electronic copy, and an easily readable copy of which can be reproduced if requested by the Authority, within the period as specified by the Authority in accordance with the provisions of Article 48 of the Decree-Law.
      3. The information is retained or stored in a manner that enables the Authority to verify the Person’s Tax obligations.

2. The Authority may specify the rules for maintaining the information contained in accounting records and commercial books, and impose reasonable requirements for ensuring that the information will be available as if the original records themselves had been preserved.