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You must keep and maintain complete and legible purchase and sales records for four years
But, not all taxes are meant for revenue, there are forms of taxation focused on as a government measure like Republic Act 10351 or also known as the Sin Tax Reform Law. It was based on Republic Act 8240 of 1997 wherein it was a measure to control the demand for distilled spirits, wines, fermented liquor and cigars and cigarettes to address the different public health issues these products cause
Furthermore, we applaud those universities which already have a policy not to accept such funds and encourage other universities to follow their lead
( - or Fawlty Towers 2.0 ) Please do me a favour - when you read this, start humming the theme melody from the famous Fawlty Towers series with John Cleese
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