Malaysia legislation
Section 35
Section 35
The principal Act is amended by substituting for section 41b the following section:
“Records relating to excise matters 41b. (1) Every person shall keep full and true records up to date of all transactions which affect or may affect his obligation on any matters under this Act.
(2)
The records to be kept shall include—
(a)
all records of importation and exportation of goods including goods in transit and transhipment;
(b)
all payments and bank records including letter of credit, fund transfers application and debit advice;
(c)
all accounting, management and financial records;
(d)
sales and purchase records including invoices, receipts, debit note and credit note;
(e)
other business records including sales, distribution and royalty contracts or agreements;
(f)
accounting charts, access codes, program documentation and system instruction manuals;
(g)
inventory records; and
(h)
any other records as may be determined by the
Director General.
(3)
Any records kept under this section shall be—
(a)
preserved for a period of seven years from the latest date to which such records relate; and
(b)
kept in Malaysia, except as otherwise approved by the Director General subject to such conditions as the Director General deems fit.
(4)
Where the record is in an electronically readable form, the record shall be kept in such manner so as to enable the record to be readily accessible and convertible into writing.
(5)
Where the record is originally in a paper form and is subsequently converted into an electronic form, the record shall be retained in its original form prior to the conversion.
(6)
A copy of the record shall be admissible in evidence in any proceedings to the same extent as the record itself.
Excise (Amendment)
(7)
Any person who contravenes subsection (1), (2), (3), (4)
or (5) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding five years or to both.”.
New section 41ba