Records to be Kept

Every taxpayer shall keep, in the English language, in Guam, and preserve for a period of five (5) years, suitable records of gross proceeds of sales and gross income, and such other books, records of accounts, registers of occupants, cash register tapes, and invoices as may be required by the Commissioner, and all such books, records, and invoices shall be open for examination at any time by the Commissioner or his duly designated representative. Any person violating this Section shall be guilty of a misdemeanor; and any director, president, secretary, or treasurer of a corporation who permits, aids, or abets the corporation to violate this Section shall likewise be guilty of a misdemeanor. On conviction thereof by a court of competent jurisdiction, any license issued for the operation of such business shall be suspended upon such conviction for at least the period of any imprisonment imposed therefor plus six (6) months, and if no imprisonment is ordered, for a period of at least six (6) months. SOURCE: GC § 19652, as enacted by P.L. 10-166:1 (July 29, 1970). Amended by P.L. 13-187:137. Codified as 11 GCA § 30104.