This Ruling considers:

1. what constitute sufficient records that a company or a co-operative needs to keep;
2. All accounting records are to be retained for at least 7 years from the end of the year to which any income from the business or operations relates; or from the date of tax returns was filed with IRB; and
3. the consequences of failing to keep sufficient records.

The company or the co-operative or the persons responsible may be prosecuted and, on conviction, may be liable to a fine of not less than RM300 and not more than RM10,000 or to imprisonment for a term not exceeding 12 months, or to both.

The above Public Ruling can be viewed and downloaded from the IRB’s website at the following link: http://www.hasil.gov.my/pdf/pdfam/PR4_2000_Rev.pdf