The Bureau of Internal
Revenue, thru Revenue Regulation No. 17-2013, requires all taxpayers and their
external auditors (CPAs) to keep/preserve their books of accounts, including
accounting records and working papers of auditors, for a PERIOD OF TEN YEARS.
Until a court decision is
out invalidating this Revenue Regulation, it will be with full force and
effect.
Reason: a Revenue Regulation cannot enlarge the specific provision of a law. The NIRC says that books and supporting documents be kept for three (3) years. It is only when there is an allegation of fraud that the BIR can audit the books up to ten (10) years.
Reason: a Revenue Regulation cannot enlarge the specific provision of a law. The NIRC says that books and supporting documents be kept for three (3) years. It is only when there is an allegation of fraud that the BIR can audit the books up to ten (10) years.
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