Document retention periods

Regulations change frequently, and therefore it is necessary to keep a close eye on these changes in order not to miss important key points. For example, on February 10, 2024, amendments to the List of Standard Documents Created in the Course of Activities of State and Local Government Bodies and Other Legal Entities came into force. This List defines the retention periods for the relevant documents.

New retention periods:

• Primary accounting documents: 3 years (with the possibility of extension up to 5 years by decision of the tax authority)
• Accounting registers: 3 years (with the possibility of extension up to 5 years by decision of the tax authority)
• Accounting reports: 3 years (extendable up to 5 years by decision of the tax authority)
• Tax return: 1095 days (3 years)
• Other documents related to the calculation and payment of taxes: 3 years

Additional information:

• The changes apply to sole proprietorships on the single tax and the general taxation system.
• Documents can be stored both in paper and electronic form.
• Late submission or failure to submit documents will be subject to a penalty.

Liability: a penalty is imposed for late submission or failure to submit documents.

Recommendation:

• Keep accounting and financial documents in a safe place.
• Keep a log of documents.
• Make regular backups of electronic documents.

For more detailed information, please see the Order of the Ministry of Justice of Ukraine № 40/5 dated 04.01.2024 "On Approval of the List of Standard Documents Created in the Process of Activities of State Authorities and Local Self-Government Bodies, Other Institutions, Enterprises and Organizations, with Indication of Their Retention Periods".

Consult an accountant or lawyer for advice on the storage of accounting and financial documents. An accountant can help you with the following issues related to the storage of accounting and financial documents:

Advice on legislation:

• help you understand the legal requirements for the storage of accounting and financial documents;
• advise you on the retention periods for different types of documents, as well as on the rules for their storage;
• conduct an audit of your document storage system;
• develop recommendations for improving your document retention system;
• provide you with information on new laws and regulations regarding document retention.

Assistance in drafting documents:

• An accountant can help you prepare documents related to the storage of accounting and financial records.

He or she can draft them for you:

• A document accounting log
• Regulations on the storage of documents
• Other documents.

Contacting an accountant can help you avoid problems with the tax authorities and protect your rights. Fill out the form on our website and we will contact you shortly.