The Federal Tax Authority has released detailed guidance on how long businesses must retain records and what documentation is required to support tax filings.
Minimum Retention Periods
Businesses are generally required to keep accounting records and supporting documents for a minimum of five years, with longer periods applying in certain cases.
Types Of Records To Maintain
The guidance covers invoices, contracts, bank statements, payroll records and other documents needed to substantiate VAT and Corporate Tax positions.
Consequences Of Poor Record Keeping
Inadequate documentation can lead to disallowed deductions, penalties and difficulties during tax audits, making proper record management essential.
