Document Retention period
All accounting documents must be kept on file. Both manual files and electronic files are accepted but must be in reproducible format.
The retention periods are
• accounting source documents – for seven years from the end of the financial year during which the source document was recorded in the accounts;
• accounting ledgers, journals, contracts, financial statements, reports and other business documents
which are necessary for reconstructing business transactions during audits – for seven years as of the end of the corresponding financial year;
• business documents relating to long-term rights or obligations – for seven years after the expiry of their term of validity;
• accounting rules and procedures – for seven years after the amendment or replacement thereof;
• accounting registers created electronically should be preserved electronically. The legibility of the data should be ensured within the preservation period.