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What requirements does the tax authorities have on accounting?

The Tax and Customs Administration obliges every entrepreneur to keep accounts and to keep records. Important things that you need to keep include:

  • received and sent invoice
  • cash administration and voucher
  • accounting software and data files (back-ups)
  • trip administration
  • business car travel registration (in connection with certain deductions)
  • purchase and sales
  • book bank statement
  • agendas
  • correspondence (on paper and digital)
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Digitale boekhouding

Digital or on paper?

Saving the financial administration can be done digitally. So if you arrange accounting online, many things are already stored electronically (and securely) in the cloud. This also applies to the statements from your business account (s). You can make a digital scan of paper receipts and invoices so that it can easily be included in accounting. The only exception is notarial documents and annual reports. You must also save this on paper. 

If you prefer a 'paper administration', make sure that everything is stored neatly and completely in folders. The tax authorities must be able to check the data within a reasonable period of time.

How long do I have to keep my records?

The basic data must be retained for 7 years. You must keep data about immovable property and rights to immovable property for 10 years. The Tax and Customs Administration understands the basic data:

  • the ledger
  • debtor and creditor administration
  • inventory administration
  • purchase and sales administration
  • payroll administration¬†

Although you can make agreements with the tax authorities about a shorter retention period, that is not immediately advisable because other authorities can still request information for up to seven years back.

Administratie bewaren

Staff employed

If you have employees? You are required to save even more data. In addition to a copy of the proof of identity, you must also be able to submit contracts, wage statements and strips and annual statements, as well as a wage tax statement and information about tax-free allowances.

If you have any questions about accounting, please contact us without obligation.

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