VATupdate

Revised standards for storage of books, records and documents in electronic form

Germany’s Ministry of Finance revises standards for proper management and storage of books, records and documents in electronic form

The German Federal Ministry of Finance (BMF), in a letter dated 28 November 2019, fundamentally revised some points of its previous standards from 2014 for the proper management and storage of books, records and documents in electronic form and for data access (GoBD). Companies should review their relevant IT systems for tax and customs with regard to the revised “GoBD compliance” provisions.

Source EY

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