Section 5
Duty to keep and maintain records
of Record Keeping (Business) Act
(1)
Every person carrying on or exercising any business shall —
(a)
keep and maintain records of every transaction carried out in respect of the business; and
(b)
issue a printed receipt serially numbered for every sum received in respect of goods sold or services performed in the course of or in connection with such business and shall retain a duplicate of every such receipt.
Record Keeping (Business)
(2)
Such person shall retain the records for a period of at least 5 years from the date the transaction takes place on or after the commencement of this Act.
(3)
Where a machine is used for recording sales, a receipt may be dispensed with if —
(a)
such machine automatically records all sales made; and
(b)
the total of all sales made in each day is transferred at the end of the day to a record of sales.
(4)
Any person who without reasonable excuse fails to comply with subsection (1) is guilty of an offence.
(5)
In this section, “records” includes —
(a)
books of account recording receipts, payments, income and expenditure;
(b)
invoices, vouchers, receipts and such other documents as in the opinion of the Competent Authority are necessary to verify the entries in any books of account; and
(c)
any records relating to any business.