Malaysia legislation
Section 6
Section 6
Part VIII of the principal Act is amended by inserting before section 54 the following section:
“Duty to keep records 53a. (1) Any person who supplies or offers to supply any goods or services shall keep and maintain proper records relating to the business operation including the following records:
(a)
sales records including receipts and sales books;
(b)
purchases records including invoices from suppliers;
(c)
expenses records including payment records, invoices and particulars of acquisitions;
(d)
documents relating to the determination of pricing for the goods or services;
(e)
records of remunerations, allowances or wages; and
(f)
tax records and any related documents, if any.
(2)
The records under subsection (1) shall be—
(a)
preserved for a period of seven years from the latest date to which the record relates;
(b)
available at all times for examination by the Assistant
Controller; and
(c)
kept up to date and in good order and condition.
(3)
Any person who fails to comply with subsection (1)
or (2) commits an offence.”.
New section 60a