Brazil (BR)

Jurisdiction Overview

IDQuestionAnswer
272 *Is there an obligation to keep accounting data? Yes
 Data Date: 2018

Notes

 
According to the Global Forum: "Regardless of the applicable accounting regime, under tax law all private legal entities must maintain ownership and accounting information on the assets, transactions and activities of the entity, or which concern acts or operations that modify or may modify their financial or asset position for at least five years from the date taxes become due or payable" (GF 2018: 57-58). The Global Forum further adds: "In addition to explaining all transactions, enabling the financial position of an entity to be determined, and allowing for financial statements to be prepared, accounting records should include underlying documentation and should reflect details of all sums of money received and expended, all sales, purchases and other transactions, and the entity’s assets and liabilities" (Ibid.: 59).

Sources

GF 2013: 57-59
 
GF 2018: 57-60