70EBooks, accounts etc. to be preserved

70E Books, accounts etc. to be preserved

(1) Every person who is a manufacturer or a wholesale merchant shall, for the purposes of this Act, keep books or accounts and shall preserve those books or accounts, including: (a) all copies of invoices, and all vouchers, relating to his business; (b) all documents upon which any endorsement, notice or certificate has been made or given to him upon or in connexion with the quotation of certificates by purchasers from him; and (c) all certificates or other documents in respect of sales of goods treated by him as exempt from sales tax received by him from purchasers, and accepted by him as evidence that the goods have been sold under conditions which entitle him to exemption; for a period of not less than 5 years after the completion of the transactions, acts or operations to which they relate.

Penalty: $2,000.

(2) This section shall not apply so as to require the preservation of any books, accounts or documents: (a) in respect of which the Commissioner has notified a manufacturer or wholesale merchant that such preservation is not required; (b) of a company which has gone into liquidation and which has been finally dissolved.