103 KAR 41:120. Retention of records.
TO: KRS 138.135(4),138.195
STATUTORY AUTHORITY: KRS
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.
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.
This requirement shall be effective for books, records, invoices, and documents
created, made, or received on or after:
July 1, 2013, for licensed distributors, retail distributors, and retailers of
tobacco products, in accordance with KRS 138.135; and
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.)