Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.
Such records shall be retained for a period of not less than 7 years.
Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of $100,000.