One of the most common questions we receive is: “How long should I keep my accounting and tax documents?” Although it may seem like a simple formality, keeping records is essential in case of a tax audit, a dispute, or a subsequent review.
 
In this article, we explain how long you should keep your tax and accounting records and what the law says about the statute of limitations for tax obligations.
 
What Does “Statute of Limitations” Mean in Tax Law?
 
The statute of limitations is the period during which the tax authorities (ANAF) have the legal right to verify and determine outstanding tax liabilities. Once this period expires, the state can no longer issue tax assessments or penalties for the prescribed periods.
 
General Tax Limitation Period: 5 Years
 
According to the Romanian Tax Procedure Code (art. 110), the general statute of limitations for ANAF to establish tax claims is 5 years.
How it is calculated: the term starts on January 1 of the year following the year in which the tax obligation arose.
Example: if you issued an invoice in April 2020, the limitation period starts on January 1, 2021, and ends on December 31, 2025.
 
Important: the limitation period can be interrupted in certain situations, such as:
  • ANAF issues an official notification or tax assessment
     
  • A tax audit is initiated
     
  • Ongoing disputes or litigation
     
In these cases, the limitation period resets, and you need to adjust your document retention accordingly.
 
How Long Should You Keep Accounting and Tax Documents?
 
According to Romanian Accounting Law no. 82/1991 and other regulations, there are clear retention requirements:
 
 
 
 
Document Type
Legal Retention Period
Practical Recommendation
Accounting vouchers, ledgers, financial statements
Minimum 10 years
Physical or electronic
Payroll records
 
50 years
Needed for pensions and seniority
Tax returns (100, 112, 300, 394, etc.)
 
Minimum 5 years
Recommended 10 years for safety
Contracts, invoices, bank statements
Not explicitly stated
10 years recommended
 
Penalties and Risks for Not Keeping Records
 
Failing to comply with retention obligations can lead to significant fines from ANAF:
  • Missing accounting or tax documents: 2,000–5,000 RON for legal entities
     
  • Failure to archive electronically: 1,000–3,000 RON
     
  • Inability to prove deductions or income during an audit
     
  • Risks in commercial disputes if supporting documents cannot be provided
     
Practical Example: if ANAF audits your 2021–2023 period and you have not kept invoices, you may be liable for additional taxes and fines for each missing document.
 
Practical Recommendations for Archiving
 
  • Keep documents for at least 10 years, regardless of the statute of limitations.
     
  • Use electronic archiving with digital signatures or ANAF-approved methods.
     
  • Create backups and organize documents chronologically by fiscal year.
     
  • Clearly mark retention periods for each document type.
     
  • Regularly review your archive and update retention systems if legislation changes.
     
Quick FAQ
 
1. Can I discard documents after 5 years if the limitation period has expired?

Although ANAF cannot enforce tax obligations after 5 years, it is practically recommended to keep documents for 10 years for legal safety and protection in disputes.
 
2. Can I keep only electronic copies?

Yes, if archiving complies with ANAF rules and includes digital signatures or other authentication methods.
 
3. What if the statute of limitations was interrupted?

You must keep the documents until the end of the effective limitation period after it resets.
 
Need Support?
The Financess team can guide you step by step for organizing your archive, calculating limitation periods, and retaining accounting and tax records properly.
(+40) 749 097 969
contact@financess.ro