Article 50Retention Period, etc. of Books, etc. for Deduction of the Amount of Tax on Taxable Purchases, etc.

①A business operator seeking to be subject to Article 30, paragraph (1) of the Act must organize the books and invoices, etc. prescribed in paragraph (7) of that Article and retain them, for seven years from the day on which two months (one month where the residual assets of a corporation in liquidation have been finalized; the same applies in the following paragraph and paragraph (3)) have elapsed from the day following the last day of the taxable period that includes, for those books, the day on which they were closed and, for those invoices, etc., the day on which they were received (for the electronic or magnetic records listed in paragraph (9), item (ii) of that Article and the electronic or magnetic records of paragraphs (7) and (10) of the preceding Article, the day on which they were provided), at its place for tax payment or the location of the office, place of business or other similar place relating to the transaction (referred to as "place for tax payment, etc." in the following paragraph) (for the electronic or magnetic records listed in Article 30, paragraph (9), item (ii) of the Act and the electronic or magnetic records of paragraphs (7) and (10) of the preceding Article, limited to retention by a method specified by Ministry of Finance Order; the same applies hereinafter in this paragraph); provided, however, that for books or invoices, etc. prescribed in Article 30, paragraph (7) of the Act that fall under a case specified by Ministry of Finance Order, it is not required to retain them for more than five years from the day on which those two months have elapsed.

②A business operator seeking to be subject to Article 30, paragraph (1) of the Act with respect to the consumption tax on taxable purchases prescribed in that paragraph (limited to where the asset pertaining to the taxable purchase is gold or platinum bullion) must organize the identity verification document prescribed in paragraph (11) of that Article and retain it at its place for tax payment, etc. (where the identity verification document is an electronic or magnetic record, limited to retention by a method specified by Ministry of Finance Order), for seven years from the day on which two months have elapsed from the day following the last day of the taxable period that includes the day of the taxable purchase.

③Retention under the preceding two paragraphs (excluding retention of electronic or magnetic records under those provisions) during the period on or after the day on which five years have elapsed from the day on which two months have elapsed from the day following the last day of the taxable period prescribed in the preceding two paragraphs may be made by a method determined by the Minister of Finance.