(1) An entrepreneur shall record all facts of transactions related to his or her amount of tax payable or amount of tax refundable in his or her account books, as prescribed by Presidential Decree, and keep them at his or her place of business.
(2) Where an entrepreneur supplies goods or services exempt from value-added tax along with a supply of goods or services on which value-added tax is levied or where he or she becomes subject to Article 42 (1), he or she shall enter separately into his or her account books the taxable supply, tax-free supply, and the fact that he or she has had tax-free agricultural products, etc. supplied.
(3) An entrepreneur shall retain the account books kept under paragraphs (1) and (2) and the tax invoices, import tax invoices, and receipts that he or she has issued or has been issued under Articles 32, 35, and 36, for five years from the deadline for filing a final return for the taxable period during which the relevant transactions occur: Provided, That when the entrepreneur who has issued electronic tax invoices under Article 32 transmits a list of the electronic tax invoices issued to the Commissioner of the National Tax Service, the same shall not apply.
(4) If an entrepreneur has fulfilled the duty to keep his or her account books pursuant to Article 112 of the Corporate Tax Act and Article 160 of the Income Tax Act, he or she shall be deemed to have fulfilled the duty to keep his or her account books under paragraph (1).