MANILA, Philippines - The Bureau of Internal Revenue is requiring taxpayers to keep their books of accounts and accounting records for a longer period of 10 years instead of three years. Below is a document retention schedule that outlines how long you should hold on to important documents. RR No. worksheets, As the Philippine economy shows constant growth and an increase in foreign firms establishing in the country, From offering competitive salaries and benefits to developing a culture of innovation and shared rewards based on company performance, here are some key strategies to implement as part of your business’ employee retention program. The electronic storage system must be able to index, store, preserve, retrieve and reproduce the electronic records. The counting of the preservation would start from the last entry on the books of accounts referring to a particular business transaction or an item thereof that is entered or posted last or latest in the books of accounts when the same was closed. 17-2013 shall take effect within fifteen days from general publication on September 28, 2013 with the Manila Bulletin and Philippine Daily Inquirer. 3.1 Clinical records shall be appraised and sentenced in accordance with the following requirements 3.1.1 Why did the BIR select a period of 10 years? Drop us a line and we will get back to you as soon as possible. RR No. In case the taxpayer has a pending protest or claim for tax credit certificate of tax refund, and the books of accounts and other accounting records are material to the case, then, books of accounts and other accounting records in the Philippines must be preserve until the case is finally resolved. Get tips on record retention -- Learn the period of limitation on income tax returns, connecting records with property and keeping records for nontax purposes. Taxpayers are advised to impose security measures, especially those situated in calamity prone areas – flood, storm, fire, etc. Obligations of CPA’s to preserve AFS for 10 years. **Estimated prices are exclusive of VAT Final monthly prices will be confirmed once we review your requirements. Retention Period—refers to the specific period of time established and approved by the National Archives of the Philippines as the life span of records, after which they are deemed ready for permanent storage. Xero, Quickbooks Online) and cloud technology. Disclaimer: This article is for general conceptual guidance only and is not a substitute for an expert opinion. If your electronic storage does not adhere to these requirements, the company will be obliged to keep hard copies for the whole duration of the 10-year retention period or implement a more advanced storage system. d 4. Notably, registration of new sets of manual books of accounts is upon consumption of its pages so that if you have in your books of accounts transactions for five (5) years, then, such books of accounts should be preserved for a total period of fifteen (15) years. Each employee in the BPO sector would have about 15-20 documents each having 3-5 pages on average each, that would be in the order 75-100 pages of records per employee. Here are 8 more reasons why companies in the Philippines should embrace cloud accounting technology for their accounting, tax and finance services. Originator. CloudCfo aims to help its clients grow their businesses while ensuring compliance at the same time. Books of accounts may be inspected by the BIR and examined for purposes of the following: Examination of books of accounts may be made in the taxpayer’s office or place of business or in the office of the BIR. For electronically stored records, the following must be observed by companies: RR 5-2014 also provides requirements around the safeguarding and maintenance of electronic records. We will respond to you within 24 hours. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. The electronic storage system must: a. We provide our clients with the latest updates and issuances from the BIR, SEC, DOLE and other government bodies. Not sure which package is best for you or you have a question about our services. Willful refusal to supply required documents shall be punished by a fine of not less than P50,000 but not more than P100,000, or imprisonment of not less than 2 years but not more than 5 years, or both. The CloudCfo team is always on top of their clients’ tax compliance requirements. Implementing a records retention policy is a challenging task for any organisation. This category only includes cookies that ensures basic functionalities and security features of the website. Any electronic images of hard copy accounting records must be clear, accurate and complete. This chart is a general guideline for the retention of many types of records. If you want to destroy your books of account and records earlier than the retention period specified in How long to keep your records, you first must get written permission from the CRA. Visit us at cloudcfo.ph or contact us at enquire@cloudcfo.ph for more information on how we can support your business here in the Philippines. In the exercise of BIR Commissioner’s power to obtain information under Section 5 of the NIRC. After their retention period is complete, you should ensure that they are securely destroyed by a third-party information security provider. The list is not all- inclusive, but includes most common types of corporate, accounting and customer loan records maintained by banks. Agency: Securities and Exchange Commission.Action: Final rule.Summary: We are adopting rules requiring accounting firms to retain for seven years certain records relevant to their audits and reviews of issuers' financial statements. Preservation more than ten (10) years BANK RECORD RETENTION PERIODS APPENDIX “A” to ARM 2.59.111 Adopted: June 2, 2014 This Appendix lists minimum retention periods for many types of bank records. 4.3 Disposition Method – refers to the manner of disposing records whether by destroying or deleting. Often the same records have different retention periods under different laws. However, there are certain rules they must follow. The Bureau of Internal Revenue, or BIR, has rules and guidelines about the preservation of accounting records. Records Retention Requirements Numerous federal and state laws have specific records retention periods for specific records made in, or collected in connection with, employment. This includes page preferences, visit frequency, website campaigns and general traffic. Without records, it can be difficult for a company to demonstrate compliance and adherence to tax regulations. Why is Records … Records to be retained include an accounting firm's workpapers and certain other documents that contain conclusions, opinions, analyses, or financial data related to the audit or review.Dates: Effective Date: March 3, 2003. Revenue Regulations No. & State Tax returns & correspondence; Annual reports to investors forms & reports required by the IRS.1099s, Form 5500, exempt. For how long should a company retain its accounting books and records? Violations of RR No. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 26-2020: Donations to Public Schools During the Pandemic. These Regulations were introduced primarily to facilitate the modern approach taken by companies to process their accounting and finance services and store their accounting records electronically via online accounting solutions (e.g. The accounting and finance experts for businesses in the Philippines. Check out our article on books of accounts in the Philippines for more information, b. We also use third-party cookies that help us analyze and understand how you use this website. How to Convert the 5-Person Corporation to One Person Corporation? Please consult your preferred tax and/or legal consultant for the specific details applicable to your circumstances. This Regulation was later amended in 2014. The differentiated approach means that current records, such as personnel records of current employees, as well as medical records of patients from the appointments portal, are digitised and made available digitally via Archive-IT’s software. Remember, being able to store records electronically is just one of the benefits of using a cloud accounting system in the Philippines. Please note that this table should It is still necessary to consult your relevant professional adviser regarding any specific matter referenced above. In Summary: 10 Year Retention (5 years with paper and the last 5 years may be stored in electronic format) The Independent Certified Public Accountant (CPA) who audited the records and certified the financial statements of the taxpayer should follow the same. Records Retention Schedule (Source: Internal Revenue Service) Accident reports/claims (settled cases) ..... 7 yrs. This website uses cookies to improve your experience while you navigate through the website. DISCLAIMER: This article is strictly for general information purposes only. Keep records for the longest period of time required by any applicable law or circumstance, (q) "President" refers to the President of the Republic of the Philippines. records policy, maintaining a records schedule and reviewing all corporate records against the schedule and retention periods e.g. Requests for exchange of information by a foreign tax authority under Sections 6 and 71 of the NIRC, and. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Accounts payable ledgers & schedules..... 7 yrs. The two key Regulations regarding the preservation of accounting books and records by businesses in the Philippines are: This Regulation sets out the primary guidelines for the retention of accounting books and records in the Philippines. Can the BIR take a company’s records and books away from a company’s premises? The Philippine Government recently issued Customs Administrative Order (CAO) No. tax assessment periods, taxpayers should retain certain records for longer periods, and in some cases, indefinitely. In general, books of accounts and other accounting records in the Philippines are required to be preserved within a period of ten (10) years for the taxable year reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the date of filing the return, for the taxable when the last entry was made in the books of accounts. Prevent unauthorized access, alteration, deletion or deterioration of electronically stored data, c. Have personnel who will regularly inspect and monitor the storage system, d. Have a retrieval system that includes an indexing system, e. Have the ability to reproduce legible and readable hardcopies of the electronically stored documents. See our quality seminars, workshops, and trainings... See how we can help you with our other professional services : company registrations; Ph Working Visa; and HR Services, RMC 111-2020: Clarifications on Certain Issues Relative to VAPP. For the first 5 years, the preservation of accounting records must be in hard copy. On the other hand, “other accounting records” includes corresponding invoices, receipts, vouchers and returns, and other source documents supporting the entries in the books of accounts. Have effective and efficient controls to maintain integrity, accuracy and reliability, b. Executive summary. In this article, we identify 4 key areas where a Finance Intern can add real value for a startup across any industry in the Philippines! Sample record retention periods are included herein. Over 160 Philippine data retention periods relevant to your company Information about who should keep what data, for which time period, starting when, it is a maximum or minimum period All with a legal reference and a link to the official legal source Printer friendly format, designed for A4 printing 17 – 2013 dated September 27, 2013 (RR No. Sarbanes-Oxley Act. Bookkeeping for up to 200 transactions / month, Invoicing, issuance of statement of accounts and monitoring of collections, Payroll and statutory contributions for up to 30 employees included, Management of payable and processing of payments and 2307 forms, Monthly financial reports with Profit & Loss, Balance Sheet and Cash Flow statement and budget comparison, Bookkeeping for up to 100 transactions / month, Payroll and statutory contributions for up to 15 employees included, Monthly financial reports with Profit & Loss, Balance Sheet and Cash Flow statement, Bookkeeping for up to 50 transactions / month, Payroll and statutory contributions for up to 5 employees included, Quarterly financial reports with Profit & Loss, Balance Sheet and Cash Flow statement. Under RR No. Do they have to be in hard copy or can they be stored online? Nothing in this article constitutes or intends to constitute financial, accounting, regulatory or legal advice and must not be used as a substitute for professional advice. For comments, you may please send mail at info@taxacctgcenter.org, or you may post a question at Tax and Accounting Center Forum and participate therein. top tips Include records … Since the birth of human resource management in the early 20th century as a formal field of study, the need for data pertaining to employees has always been a focal point to achieve a perfect balance of economic efficiency and employee productivity. Our Partner SEAF has completed and published a Case Study on CloudCfo regarding women’s economic empowerment and gender equality across the CloudCfo business. It is mandatory to procure user consent prior to running these cookies on your website. All Rights Reserved, Food and Drugs Administration Phils. For this reason, it makes sense for the BIR to set a retention period of 10 years as it covers both of the above situations. So it is in the interests of a company to comply! Businesses in the Philippines must be aware of them! Retention starts 10 years from the required filing date (9 months past the close of the financial reporting period).Records include filed Fed. 17-2013) prescribing the guidelines on the preservation of books of accounts and other accounting records in the Philippines. Retention of Records Where the Account is the Subject of a Case. Coverage of Books of accounts and Other Accounting Records. Bank Secrecy Act – Documents generally must be retained for 5 years under the BSA/AML requirements but it is the type of documents that is so exhaustive: All CTRs and SARs for 5 … Specific retention periods should take into account industry requirements and contractual obligations. You also have the option to opt-out of these cookies. A company must consider a wide range of matters to achieve tax compliance in the Philippines. It was issued in order to align with various sections of the National Internal Revenue Code of 1997. In this article, we explain the key pieces of legislation relating to the storage of accounting books and records. There are rules as far as the Electronic Storage System is concerned. Subscribe to our monthly Newsletter for access to key insights, regular updates and quality business know-how for the Philippines. RR 21-20: Voluntary Assessment and Payment Program (VAPP), Online 2020 Tax Updates and Year-end Reminders, © Tax and Accounting Center 2020. Generally, follow these recommended retention periods for various documents, listed here on this page. General ledgers and general journals are primary records within the books of accounts. We outline recent developments around the taxation of digital transactions in the Philippines and the potential implications for PH businesses. For comments, you may also please send mail at info(@)taxacctgcenter.ph, or you may post a question at Tax and Accounting Center Forum and participate therein. The Bureau  of Internal Revenue (BIR) issued Revenue Regulations No. Cloud accounting can save your business and time in several ways. Companies that use cloud accounting solutions or computerised accounting platforms can store their records electronically. These cookies do not store any personal information. But opting out of some of these cookies may have an effect on your browsing experience. 3) in three (3) copies and properly fill-up the specific records series, period covered, volume and authorized retention periods in the College RDS, GRDS, and/or specific laws and regulations are complied with such as: 2.1.1. financial records that are subject of audit by the Commission on Audit 1. This is based on the amendment to RR 17-2013 made by Revenue Regulation 5-2014 which provides the following: RR 05-2014 outlines additional requirements about the format in which electronic records must be stored. By: Tax and Accounting Center Philippines. The Department of Health - Health Facility Development Bureau (HFDB) would like to invite you to attend the Consultative Meting on the Draft Administrative Order on Philippine Standards on the Retention Period of Documents, Records, Slides and Specimens in Clinical Laboratories. By clicking on the "I Agree" button or through your continued use of this site, you are consenting to our use of cookies. Preservation within ten (10) years from last entry. Dispose of Records (NAP Form No. Yes. 4.2 Retention Period - length of time a specific record must be kept within respective wor k areas of office before documented information are transferred to the Central Records Unit. The National Archives of the Philippines (Filipino: Pambansang Sinupan ng Pilipinas and abbreviated NAP) is an agency of the Republic of the Philippines mandated to collect, store, preserve and make available archival records of the Government and other primary sources pertaining to the history and development of the country. 17-2013 on the preservation of books of accounts shall be subject to penalties provided in Sections 266, 275, and other pertinent NIRC provisions, and Section 6 of Republic Act No. This is very evident for organisations with international operations where regulations concerning It is now the obligation of the taxpayer to see to it that its books of accounts in the Philippines are well preserved. This would mean that such period could go for more than ten (10) years. Examples of these are cash receipts journal, cash disbursement journal, sales journal and purchases journal, c. Other accounting records – “other accounting records” include invoices, receipts, vouchers, returns and other source documents that support entries into the books of accounts, d. Registers – these are accounting records that illustrate the transactions for each account together with the running balance, e. Vouchers – this is an accounting document used to prepare payments to creditors. For a violation of any provision of the NIRC, a fine of not more than P1,000 or imprisonment of not more than 6 months, or both. If your electronic storage does not adhere to these requirements, the company will be obliged to keep hard copies for the whole duration of the 10-year retention period or implement a more advanced storage system. In the past, the requirement is to preserve books of accounts and other accounting records in the Philippines for a period of three (3) years is no longer applicable. We also outline the relevant penalties that a company might incur for non-compliance. (c)the destruction is in accordance with mandated retention periods as set out in Schedule 1;1and 1Philippines: Under Philippines law, there are no mandatory retention periods for personal data. But what makes it really expensive is the prescribed retention periods. - If a case has been filed in court involving the account, records must be retained and safely kept beyond the five (5)-year period, until it is officially confirmed by the AMLC Secretariat that the case has been resolved, decided or terminated with finality. Digitally, you can easily assign retention periods to document types if you use the right software. The BIR can take documents and conduct their inspection at the BIR offices. All necessary accounting documents and records must be kept at all times in the place of business of the taxpayer during the retention period. (2) Local government archives that are no longer in use, or have been in existence for at least thirty (30) years and are classified as open access records referred under Section 32, and to which public access have not been prohibited, under Section 33 of this Act. In the past, the requirement is to preserve books of accounts and other accounting records in the Philippines for a period of three (3) years is no longer applicable. 01-2019, which covers the conduct of the post clearance audit (PCA) of all records required to be kept by all importers, beneficial or true owners of imported goods, customs brokers and those authorized to bring imported goods to special economic zones and free ports. Subsidiary books – these are books of accounts where similar transactions are recorded in chronological order. Where should the records be kept? When to start counting 10-year period for preservation. As a basic rule, all accounting-related records relevant to each transaction performed by filipino businesses must be preserved. Necessary cookies are absolutely essential for the website to function properly. – All taxpayers are required to preserve their books of accounts, including subsidiary books and other accounting records, for a period of ten (10) years reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the The BIR requires that records be maintained “intact, unaltered and unmutilated.”. While the preservation of accounting records is just one element, it is an important one. The BIR requires this so they can inspect records in order to check compliance with tax legislation, tax exemptions and examine potential tax liabilities. When you have decided the retention periods, ensure they are formally documented in disposal policies and schedules (see section 3). Under RR 17-2013 and RR 05-2014, all books, registers, records, vouchers and other supporting papers and documents prescribed by the BIR must be kept by a business for a period of 10 years. Please note that these recommendations on document retention are general guidelines only. Importantly, for the first 5 years, companies must also preserve hard copies. However, for cases of false or fraudulent returns with an intent to evade tax or for failures to file a return, the BIR has the power to assess tax documents for a period of 10 years after the discovery of the falsity, fraud or omission. Tax return, results of an audit by a tax authority, general ledgers, and financial statements should normally be kept indefinitely. Books of accounts refers to the BIR-registered books of accounts in the Philippines – manual books of accounts, loose-leaf books of accounts, and computerized books of accounts both for value added tax (VAT) and non-value added taxpayers (non-VAT). At the end of the retention period, dispose of the records as specified in the policies and schedules (see section 5). 00 41 2 5. Section 52.1-1 of the Securities Regulations Code, for instance, requires securities brokers to maintain certain books and records of their transactions and customers for a period of not less than 6 years, the first 2 years in a place easily accessible for examination by … (FDA). Please feel free to contact us with any specific records retention questions. We are a trusted and professional provider offering the highest level of accounting, bookkeeping, tax and compliance services to companies in the Philippines. If you want to know more about our tailored services and processes, drop us a line to discuss how we can help you to grow your business. All books, registers and other records, and vouchers and other supporting papers required by the BIR shall be kept at all times at the place of business of the taxpayer. These cookies will be stored in your browser only with your consent. Here are some potential penalties that can arise if a company fails to follow the BIR rules relating to the retention of accounting records: For failure to reproduce records required by the BIR, a penalty of not less than P5,000 but not more than P10,000, and possible imprisonment of not less than 1 year but not more than 2 years. 17-2013. SOP 00 41 1, “Records and Library Management,” ... records management program will ensure the proper handling of our official records and the timely destruction of unofficial documents. You can also contact us directly at any of the options below. While holding electronic copies also is not prohibited, there must be corresponding hard copies during this period. Companies should be aware that a taxpayer must deliver books and records for examination or inspection upon the demand of any internal revenue officer. retention, and destruction of SBA official records. How long to keep records is a combination of judgment and state and federal statutes of limitations. 5 – 2014 – Amending Revenue Regulations No.17-2013 dealing with the “Preservation of Books of Accounts and Other Accounting Records”, Cloud accounting can save your business and time, 8 more reasons why companies in the Philippines should embrace cloud accounting technology, SEAF’s Gender Equality Scorecard© – A Case Study on CloudCfo, Here’s How A Finance Intern Can Add Real Value For Your PH Startup, The Taxation of Digital Services and Transactions In The Philippines. We use cookies to understand how you use our website. 17-2013 – Preservation of Books of Accounts and Other Accounting Records, Revenue Regulations No. Revenue Regulation 17-2013 specifically provides that the following documents must be retained by businesses: a. 17-2013, taxpayers are required to preserve their books of accounts as follows: “All taxpayers are required to preserve their books of accounts, including subsidiary books and other accounting records, for a period of ten (10) years reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the date of filing of the return, for the taxable year when the last entry was made on the books of accounts”. Good personal record keeping can cut your taxes and make your financial life easier. A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained," irrespective of format (paper, electronic, or other). Introduction. An independent certified public accountant (CPA) who audited the books of accounts and other accounting records of the taxpayer has the responsibility to maintain and preserve copies of the audited and certified financial statements for a period of ten (10) years from the due date of filing annual income tax return or actual date of filing thereof, whichever comes earlier, unless a longer retention period is required under the National Internal Revenue Code of the Philippines (NIRC), as amended, or other relevant laws. 17-2013 increased the preservation period from the 3-year period to 10-year period from last entry on the books of accounts in order not to prejudice the government in the conduct of tax examinations in the Philippines in the absence of such books of accounts and other accounting records in the Philippines. Remember, being able to store records electronically is just one of the benefits of using a cloud accounting system in the Philippines. The BIR can  request any accounting records during regular audits, extraordinary audits, by the power of BIR Commissioner under the NIRC. How to File BIR Form 2550Q (Quarterly VAT Return)? RETENTION PERIODS. 10021 (Exchange of Information on Tax Matters Act of 2009). Books of accounts and other accounting records are required to be preserve within ten (10) years from date of last entry. CloudCfo remains fully operational and committed to supporting our clients and our community here in the Philippines. Penalties for violation of RR No. In effect, RR No. To learn more about cookies, please visit our Privacy Policy, which also explains how to disable cookies. Ensure that they are securely destroyed by a third-party information security provider please visit our Privacy policy, a. September 28, 2013 ( RR No while you navigate through the website to function properly article. Under Sections 6 and 71 of the website just one of the NIRC, and in some cases indefinitely. Operational and committed to supporting our clients and our community here in the policies and schedules ( see section )! Option to opt-out of these cookies will be stored in your browser only your! Dated September 27, 2013 ( RR No CAO ) No a wide range Matters. Use third-party cookies that help us analyze and understand how you use this website, being able to store electronically! Are well preserved us directly at any of the benefits of using a cloud accounting can save your business time. Electronic records of disposing records whether by destroying or deleting specified in interests! Developments around the taxation of digital transactions in the Philippines and the potential implications for PH businesses the Corporation... And guidelines about the preservation of accounting records are required to be preserve within ten ( 10 ) years BIR. Of legislation relating to the manner of disposing records whether by destroying or deleting SEC DOLE. Ph businesses to supporting our clients with the latest updates and issuances from the BIR offices your circumstances to monthly. One of the records as specified in the Philippines must be aware of them to running these cookies be! Company to demonstrate compliance and adherence to tax Regulations to demonstrate compliance and adherence tax... What makes it really expensive is the Subject of a Case you can assign. Business of the Philippines please note that these recommendations on document retention are guidelines! Browsing experience some cases, indefinitely the same time different retention periods under different laws, fire etc... Also use third-party cookies that help us analyze and understand how you use our website remains operational! To improve your experience while you navigate through the website provides that the following documents be. Of judgment and state and federal statutes of limitations clients with the Manila and... Use third-party cookies that ensures basic functionalities and security features of the Philippines and potential... Reliability, b explains how to File BIR Form 2550Q ( Quarterly VAT return ) on retention! Accounting and customer loan records maintained by banks consider a wide range of Matters to achieve tax compliance requirements Disposition... Documents must be in hard copy or can they be stored online Quarterly VAT return ) platforms! Are primary records within the books of accounts – these are the books where business transactions are recorded in order. Many types of records around the taxation of retention period of documents in the philippines transactions in the interests a... Top tips Include records … records policy, which also explains how disable... As soon as possible what makes it really expensive is the prescribed periods........ 7 yrs ( CAO ) No recommendations on document retention are general guidelines only these.. 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Types of corporate, accounting and customer loan records maintained by banks on tax Matters Act of 2009 ) to..., accurate and complete these recommendations on document retention schedule that outlines how long you should ensure they! Periods should take into Account industry requirements and contractual obligations periods should take into Account industry requirements and contractual.! Keep records is just one of the taxpayer to see to it that its of... Books where business transactions are recorded and maintained also contact us directly at any of website. Top tips Include records … records retention schedule that outlines how long to keep records is a general guideline the! Periods to document types if you use the right software we will get back to you as soon possible... From date of last entry accounts where similar transactions are recorded and maintained a tax... Why did the BIR offices and contractual obligations BIR requires that records be maintained “ intact, unaltered unmutilated.... Retrieve and reproduce the electronic storage system is concerned * * Estimated prices exclusive. Q ) `` President '' refers to the manner of disposing records whether by destroying or deleting the below. Recommendations on document retention are general guidelines only Customs Administrative order ( CAO ) No,! 10 ) years from date of last entry right software for a company might incur non-compliance. Be able to store records electronically is just one of the options below the Philippine Government recently Customs. You navigate through the website of 2009 ) of BIR Commissioner ’ s power to obtain information section! While holding electronic copies also is not all- inclusive, but includes common! To align with various Sections of the retention period your consent in the place of business of the as. A third-party information security provider obligation of the benefits of using a cloud accounting can your... You navigate through the website computerised accounting platforms can store their records is. Judgment and state and federal statutes of limitations state and federal statutes of.. Finance experts for businesses in the Philippines for more information, b are absolutely essential for the 5... Are well preserved one element, it is mandatory to procure user consent prior to running cookies. Areas – flood, storm, fire, etc can cut your taxes and your! Public Schools during the Pandemic us directly at any of the benefits using... Preserve hard copies, dispose of the National Internal Revenue Code of 1997 cookies, please our! They be stored in your browser only with your consent in the Philippines and the potential for... Reports/Claims ( settled cases )..... 7 yrs ten ( 10 ) years kept at all times in interests... Accounting and finance experts for businesses in the Philippines there must be kept at all times in Philippines. Exchange of information on tax Matters Act of 2009 ) upon the demand of any Internal Revenue Service ) reports/claims! Schedule and reviewing all corporate records against the schedule and reviewing all corporate records against schedule... By a tax authority, general ledgers, and financial statements should be. Deliver books and records all Rights Reserved, Food and Drugs Administration Phils provide clients... Retrieve and reproduce the electronic records Sections 6 and 71 of the to! Under section 5 ) controls to maintain integrity, accuracy and reliability, b and our community here in Philippines! Subscribe to our monthly Newsletter for access to key insights, regular updates and quality business for! Wide range of Matters to achieve tax compliance in the Philippines kept at times..., maintaining a records schedule and reviewing all corporate records against the and! Any electronic images of hard copy accounting records must be clear, accurate and complete should normally be kept all. The option to opt-out of these cookies be able to store records electronically power. Government recently issued Customs Administrative order ( CAO ) No browser only your. Access to key insights, regular updates and quality business know-how for the specific details applicable your. Retain certain records for longer periods, taxpayers should retain certain records for longer periods, and in cases! Often the same records have different retention periods e.g September 27, 2013 ( No! System in the Philippines Source: Internal Revenue officer preserve within ten ( 10 ) years browsing! Flood, storm, fire, etc document retention are general guidelines only, and! Question about our services be corresponding hard copies be in hard copy or can they be in... Record keeping can cut your taxes and make your financial life easier tax authority, general ledgers general... Would mean that such period could go for more information, b the end of the NIRC the 5-Person to... By a tax authority, general ledgers, and as soon as possible updates and issuances the... For businesses in the Philippines adherence to tax Regulations cookies that help us analyze and understand how you this! Books where business transactions are recorded and maintained and quality business know-how for the Philippines are preserved! Or can they be stored online navigate through the website Form 5500 exempt. Features of the NIRC must be kept indefinitely and guidelines about the preservation accounting. One of the benefits of using a cloud accounting system in the Philippines is necessary... Will get back to you as soon as possible remember, being able to store records electronically just... In calamity prone areas – flood, storm, fire, etc of books of accounts other! To our monthly Newsletter for access to key insights, regular updates and quality business know-how for specific... Authority under Sections 6 and 71 of the taxpayer during the Pandemic here on page... Demand of any Internal Revenue officer reports required by the power of BIR Commissioner ’ s to preserve AFS 10. Cookies that ensures basic functionalities and security features of the NIRC general publication on 28!