CAF-2 · Chapter 19 · Question 9 of 15
What is the statutory retention period for maintaining sales tax records (such as tax invoices, bank statements, and inventory records)?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) 6 years after the end of the tax period to which such records relate, or until the final decision of any pending legal proceedings.
Explanation
A person must retain records and documents for a period of six years after the end of the tax period to which they relate, or until the final decision in any pending proceedings (such as assessments, appeals, or revisions).
More Returns and Records MCQs
- Q11According to the rules on maintaining sales tax records, in which language(s) must a registered person keep their records at their…
- Q12For the purpose of conducting a sales tax audit under Section 25, what is the maximum time limit within which the officer of Inland…
- Q13During a sales tax audit, if a registered person fails to produce the required accounts, documents, or electronically kept records, what…
- Q14How are transactions between associated persons treated under Section 25AA during a sales tax audit?
- Q15If an authorized officer of Inland Revenue decides to draw samples of goods or raw materials during an audit to determine tax liability…