B. National Taxation (National Internal Revenue Code of 1997, as amended mainly by RA 10963, 11534, 11976, 12066, and 12214)

Preservation of Books

All taxpayers are required to preserve their books of accounts and other accounting records (including invoices, receipts, vouchers, and other source documents) for a period of five (5) years reckoned from the day following the deadline in filing a return or if filed after the deadline, from the date of actual filing. If there is a pending examination due to an assessment or a filed refund claim, the records are to be preserved until the case is finally resolved. (NIRC, Sec. 235, as amended by RA 11976; Revenue Regulations No. 7-2024)¹