For Immediate Release....
August 12, 1999
ELECTRONIC RECORD KEEPING AND RETENTION RULE ADOPTED
ATLANTA--In the interest of defining record keeping requirements and accessibility to electronic records in an electronic data interchange (EDI) environment, the Department of Revenue has adopted O.C.G.A. Rule 560-1-1-.19, "Electronic Record Keeping and Retention."
Typically referred to as "E-commerce," the Regulation will directly affect several tax types administered by the Department of Revenue. All commonly involve technology-driven processes including electronic filing, electronic data transfer, telefiling, and electronic funds transfer.
"With the continued anticipated growth of E-commerce heading into the twenty-first century, the Department is now prepared to deal with a wide range of compliance issues that may arise in a paperless business environment," DOR Commissioner T. Jerry Jackson said today. "The regulation provides comprehensive guidelines for the taxpayer and the Department which should serve to enhance overall compliance in the future."
EDI involves the exchange of information and documents which are necessary to a transaction between businesses or government entities by computerized or electronic means rather than an exchange of paper documents. The purpose of the regulation is to define record keeping requirements and accessibility to electronic records in an EDI environment. Ultimately, EDI technology and record retention will reduce the administrative costs of conducting commerce and provide adequate documentation for audit purposes.
Georgia is the twelfth state thus far to adopt this regulation which is substantially the same as the model regulation on electronic record retention that was proposed initially by the Federation of Tax Administrators (FTA) in Washington, D.C.