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MoF Reminds Businesses To Maintain Records

The Record Keeping (Business) Order, introduced in 2015, aims to encourage businesses to practise good record keeping practices while providing better internal control to monitor business development.

This was explained by Pengiran Haji Abdul Azim bin Pengiran Mohamad Hassan, Financial Officer of the Revenue Section at the Ministry of Finance (MoF), in an interview with the media during the second day of the ‘Ministry of Finance Supports Ease of Doing Business (EODB) Initiatives’ roadshow at the Theatre Hall, MoF Building.

The law requires businesses in the country to keep and maintain records of every transaction carried out in respect of the business and should be retained for at least five years from the date of transaction.

The order also aims to ensure good financial discipline among businesses as most of the small businesses are not aware that good record keeping can help businesses to grow. Any business found guilty of violating the regulation is liable to pay a fine of not more than $1,000, and will be fined $50 a day for consecutive offences.

The roadshow yesterday also included a talk on the Employees Trust Fund (TAP) delivered by Senior Inspector Husraime bin Hussin of the TAP Enforcement Unit.

He discussed on topics pertaining to the TAP scheme such as the payment of contribution, dividend, members’ accounts, and law enforcement.

Courtesy: Borneo Bulletin