(1) A taxpayer shall faithfully prepare and keep books and evidential documents related to all transactions, as prescribed by each tax-related statute. In such cases, the books and evidential documents that the tax authorities may require the taxpayer to submit pursuant to Article 16 (4) of the Adjustment of International Taxes Act shall be kept at the place for tax payment under Article 6 of the Income Tax Act or Article 9 of the Corporate Tax Act (including the place for tax payment designated by the Commissioner of the National Tax Service or the commissioner of the competent regional tax office under Article 9 of the Income Tax Act or Article 10 of the Corporate Tax Act). <Amended on Dec. 31, 2022>
(2) The books and evidential documents under paragraph (1) shall be retained for five years (for seven years, in cases of a cross-border trade) after the expiry of the statutory due date of return of the national tax for the taxable period in which the relevant transactions are made: Provided, That in cases falling under Article 26-2 (3), they shall be retained until the date prescribed in the same paragraph. <Amended on Dec. 31, 2019; Jun. 9, 2020; Dec. 31, 2022>
(3) A taxpayer may prepare the whole or part of books and evidential documents under paragraph (1) by means of any computer system. In such cases, the taxpayer shall retain the course of a process thereof by means of magnetic tapes, diskettes and other information retention systems pursuant to the criteria prescribed by Presidential Decree.
(4) For the purpose of paragraph (1), where books and evidential documents are deposited in an authorized electronic documents depository referred to in Article 31-2 of the Framework Act on Electronic Documents and Transactions after converting them into electronic documents under Article 5 (2) of the same Act, they shall be deemed kept as prescribed in paragraph (1): Provided, That this shall not apply to contracts or any books and evidential documents that can be easily forged or falsified, as prescribed by Presidential Decree. <Amended on Jun. 1, 2012>[This Article Wholly Amended on Jan. 1, 2010]