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On 28 February 2024, the NBR notified taxpayers via email and an announcement on its webpage that the record retention requirement for Value-Added Tax has been extended from five to ten years. The initial five-year record retention period for the 1 January 2019 – 31 March 2019 (Q1 2019) would have lapsed as of 31 March 2024, but now has been extended to 21 March 2029.
The following documents are required to be retained by taxpayers, where applicable:
It will be important for taxpayers to update their internal data and documentation policies and procedures to allow for the extended recorded retention period. The extension of the record retention period may signal a potential extension of the statute of limitation period, increasing the Tax Authority's opportunity to undertake investigations and audits of the taxpayer's historical tax submissions. As of now, we have not heard any mention of any change to the set statutory limitation period of five years.
To speak with us in relation to any tax matters or issues more generally, please contact one of the team members.
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