TTK Article 64 regulates that every trader is obliged to keep commercial books. Books are critical in auditing commercial life and proving disputes.
Mandatory Books
- Journal ledger
- General ledger (general ledger)
- Inventory book
- Board of directors/Board of directors book (joint stock company/limited company)
- Share book
- General assembly meeting and negotiation ledger
Electronic Ledger (e-Ledger)
Transition to the e-Ledger application is mandatory for taxpayers above a certain turnover. It is regulated by the Revenue Administration.
Evidential Quality of the Ledgers
- In favour: Unless it contradicts other unfavorable evidence
- Unfavourable: If it complies with the general acceptance and regulation conditions
- Unregulated or unclosed ledgers may have adverse consequences
Penalty and Administrative Sanctions
- VUK art.359 — Forgery in books: 3-5 years imprisonment
- Failure to keep books: special administrative fines
- Fraudulent bankruptcy crime (TCK article 161) - keeping books
Commercial law lawyer support is recommended.