Record-Keeping Requirement

5.1. The retailer shall keep and maintain records sufficient to allow verification of the information reported on returns. On audit, the retailer must be able to provide invoices, sales contracts, and bills of receipt documenting:

5.1.1. Vendor name;

5.1.2. Invoice date;

5.1.3. Invoice number;

5.1.4. Item description;

5.1.5. Invoice amount; and

5.1.6. Amount of hemp-derived cannabinoid or kratom tax paid.

5.2. The Tax Commissioner has the authority to inspect or examine the records, books and papers, and any inventories of hemp-derived cannabinoid products or kratom products kept on the premises of the retailer to verify the truth and accuracy of any return or report filed by the retailer to ascertain whether all applicable taxes are being properly paid.

5.3. A retailer must retain the appropriate books and records for at least three (3) years, or for so long as the taxable period remains open for assessment or refund, whichever is greater.