You can also reduce contract costs. By moving contract procedures online, not only can you reduce administrative expenses and labor costs in the back office, but you can also reduce stamp costs. 2. Laws related to electronic contracts "Electronic Book Preservation Law" What you need to know when introducing electronic contracts is the existence of the "Law Concerning Exceptions to the Method of Preserving National Tax-Related Books and Documents Created Using Computers (Electronic Book Preservation Law)." As with written contracts, electronic contracts must be stored for ``7 years from the day after the deadline for submitting the final tax return for the business year.
Contracts can be stored as electronic files as long as they meet the requirements of the Electronic Book Storage Law. Related article: Thorough explanation of laws related to electrl Cambodia phone number list donic contracts | For those considering introducing electronic contracts | jinjerBlog 2-1. What is the “Electronic Book Preservation Law”?Law was established in 1998 to respond to the trend of the new era and to reduce the burden of taxpayers in preserving books and documents. [Note 3] In recent years, digital transformation (DX) is progressing in various industries.
The Electronic Bookkeeping Act stipulates storage requirements in electronic files to meet the demand for paperless tax-related documents. With the revision of the tax system in 2021, the Electronic Book Storage Act was revised, and it is no longer necessary to notify the tax office when storing national tax-related books in electronic files. Electronic contracts can also be stored in electronic files if they meet the requirements of the Electronic Book Storage Law. 2-2. Storage requirements under the “Electronic Book Preservation Law” There are four requirements for the storage of electronic contracts stipulated by the Electronic Book Storage Law.