Document retention periods set out how long a company must keep individual types of documents. Accounting documents, financial statements and tax documentation are kept for the periods laid down by accounting and tax regulations, payroll and personnel documents considerably longer given pension-related purposes, and documents of lasting documentary value are handed over to an archive. Special periods apply to projects financed from public funds, where the documentation is kept for the entire period set by the contract and extends several years beyond the completion of the project. A company should have a filing and retention schedule setting out how documents are classified and disposed of once the period has elapsed. Electronic archiving is permitted if it ensures the legibility and immutability of the content. Disposing of documents before the period has elapsed is treated as an administrative offence subject to a sanction.
See also: Archiving of project documentation, Data retention and deletion, Basic financial control.
