103 KAR 41:120. Retention of records.

 

      RELATES

TO: KRS 138.135(4),138.195

      STATUTORY AUTHORITY: KRS

131.130(1)

      NECESSITY,

FUNCTION, AND CONFORMITY: KRS 131.130(1) authorizes the Department of Revenue

to promulgate administrative regulations for the administration and enforcement

of all tax laws of this state. This administrative regulation prescribes rules

for the retention of records required to be maintained by cigarette dealers

licensed under KRS 138.195 and all other persons required to maintain records

under the provisions of KRS 138.135(4) and 138.195.

 

      Section

1.(1) Every licensee or other person required by KRS 138.13(4) and 138.195 to

preserve books, records, invoices, and documents shall keep copies of those

books, records, invoices, and documents on the immediate premises of each place

of business for a period of four (4) years.

      (2)

This requirement shall be effective for books, records, invoices, and documents

created, made, or received on or after:

      (a)

July 1, 2013, for licensed distributors, retail distributors, and retailers of

tobacco products, in accordance with KRS 138.135; and

      (b)

August 1, 2013, for manufacturers and importers of cigarettes, in accordance

with KRS 138.195.

      (3) These books,

records, invoices, and documents shall be available upon demand during this

period of time for inspection by agents of the Department of Revenue. (CT-32; 1 Ky.R. 333; eff. 2-5-75; Tam eff. 5-20-09; 40

Ky.R. 359; 785; eff. 11-1-2013.)