Section 51C of the Inland Revenue
Ordinance: Every person carrying on a trade, profession or business in Hong
Kong must keep sufficient business records, either in English or Chinese, for
his income and expenditure so as to enable his assessable profits to be
ascertained. He must keep such records for at least 7 years. Failure to do so
may render him liable to a penalty of HK$100,000.
In this respect,
business record includes:
1.
books recording receipts and payments, income and expenditure;
2.
original documents such as vouchers, bank statements, invoices, bills,
receipts … etc;
3.
books recording assets and liabilities;
4.
books recording daily cash receipts and cash expenditures;
5.
where the business involves dealing in goods -
6.
where the business involves the provision of services-
* records of all the
services provided showing date of transactions, the services and the
customers.
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