European Union Record-Keeping Requirements

Parties liable for collecting and remitting tax must maintain proper accounting records, imperative for determining correct tax liability. The Organization for Economic Co-operation and Developmentā€™s (OECD) Forum on Tax Administration continues to offer guidance for proper and reliable record keeping. The European Union (EU) has also emphasized the importance of record keeping. Though the EU generally follows the guidelines set by OECD, member states are free to follow some of their own record-keeping guidelines.

The following questions have been addressed in this article:

What Is The Challenge Posed By E-Commerce Regarding Record Keeping?
What Role Does The OECD Play In The Formulation of EU Record-Keeping Requirements?
How Should Accounting Records Be Maintained According To The OECD?

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