GTL Summary:

Article 59 of the GCC Common VAT Agreement sets the minimum retention periods for tax-related documentation. It mandates that Tax Invoices, books, records, and accounting documents be retained for a period of not less than five years, commencing from the end of the year to which they pertain. This obligation is a minimum standard, and Member States may enforce longer periods through their domestic laws. A special, extended retention period of fifteen years is stipulated for all documents and records relating to real estate transactions, reflecting the long-term nature and value of such assets for tax audit purposes.