Notes on Keeping Business Records

In order to ensure that the tax assessment is correct and to accurately understand the company’s financial status, the tax bureau requires taxpayers to keep business records for at least seven years. According to the guidance of the tax bureau, the record must include basic business documents, bank statements, income invoices, receipts, expenditure receipts, check stubs, etc…. It also includes the preparation of records such as records of daily receipts and payments, purchases and sales Cargo records, inventory data, asset list silver code, detailed list of liabilities, etc…

There are two ways to save records:

1. By file

No matter how taxpayers keep business transaction documents or prepare records, they must be clear and organized for easy review.

2. Computer method

Taxpayers can store all documents in electronic form, and use software to prepare accounting books and records in accordance with the type and scale of business. However, the Inland Revenue Department also emphasized that taxpayers must still keep their original business documents. Taxpayers should not forget to make multiple copies of computer data for backup purposes.

The above information is for reference only. If in doubt, we welcome your tax inquiries