(1) Every merchant shall preserve trade books and other important documents relating to business for a period of ten years: Provided, That the slips or documents similar thereto shall be kept for five years. <Amended by Act No. 5053, Dec. 29, 1995>
(2) In cases of trade books, the period set forth in the preceding paragraph shall be computed from the date of closing of the books.
(3) Books and documents referred to in paragraph (1) may be preserved by means of microfilms and other data processing systems. <Newly Inserted by Act No. 5053, Dec. 29, 1995>
(4) Where books and documents are preserved under paragraph (3), the methods of preservation and other necessary matters shall be determined by Presidential Decree. <Newly Inserted by Act No. 5053, Dec. 29, 1995>