Tax notes: 10-year retention period for customs records-A A +A
Monday, May 19, 2014
WITH the issuance of Department of Finance Order No. 011-2014, dated Feb. 5, 2014, all importers should keep in their place of business, for a period of 10 years from the date of filing of the import entry, all the records of their importations and/or books of accounts, business and/or computer systems and all other customs commercial data, in whatever form, including payment records relevant for the verification of the accuracy of the transaction declared by the importers/customs brokers on the import entry and other documents.
The following are the records that should be kept by importers:
a) Company entity or structure (e.g., Articles of Incorporation, organizational structure, capital composition, stock and transfer book, and others);
b) Ordering and purchase documents;
c) Shipping, importation, exportation and transportation documents;
d) Manufacturing, stock and resale documentation;
e) Bank documents, financial statements and other accounting information;
f) Charts and codes of accounts, ledgers, financial statements, accounting instruction manuals, and systems and program documentation; and
g)Papers, books, registers, discs, films, tapes, soundtracks and other devices in or on which information on importations and others are recorded or stored.
Similarly, customs brokers are also required to keep for a period of 10 years from the date of importation, the copies of the importation records in whatever form covering transactions that they handle, including shipping, importation, exportation, and transportation documents such as import and/or export entry, invoices and/or consignment notes, etc.
(Punongbayan & Araullo)
Published in the Sun.Star Cebu newspaper on May 20, 2014.