(de-news.net) – According to proposals advanced by Federal Finance Minister Lars Klingbeil (SPD), commercial entities will once again be obliged to retain invoices and financial records for an extended period. As reported by various media outlets citing the chair of the SPD, the ministerial staff is ostensibly pursuing an extension of the statutory retention period to ten years, with the objective of enhancing the efficacy of measures against tax fraud.

Additionally, the ministry intends to implement more sophisticated investigative instruments to intensify efforts in combating financial crimes, including money laundering, tax evasion, and unregistered employment. Klingbeil indicated his intention to table corresponding legislative proposals prior to the commencement of the parliamentary summer recess.

Through his initiative to re-extend the mandatory preservation period for accounting documentation, Minister Klingbeil seeks to reverse a reform enacted during the preceding legislative period, which had curtailed the retention duration from ten to eight years as part of a broader initiative aimed at reducing administrative burdens.