Written by Akhter Syed in Taxation Businesses must maintain records of income, expenses, sales, purchases, assets and liabilities, with FBR requiring documents to be retained for at least six years. ISLAMABAD: The Federal Board of Revenue (FBR) has prescribed mandatory record-keeping requirements for businesses for Tax Year 2027, outlining the books of account, documents and financial records taxpayers must maintain. The FBR issued the Income Tax Rules, 2002, updated up to September 15, 2026, for Tax Year 2027, covering the period from July 1, 2026, to June 30, 2027. Under Rule 29, every taxpayer deriving income chargeable under the head of “Income from Business” must maintain proper books of account, documents and records covering all business transactions. The requirements include records of: • All money received and expenditure incurred, including the relevant details. • Sales and purchases of goods, as well as services provided and obtained. • All business assets and liabilities. • Costs relating to…