New retention periods – more effort?
On 18 October 2024, the Federal Council approved the "Fourth Act to Reduce Bureaucracy for Citizens, Business and the Administration". The aim: less effort for business, more time for the core business. A central element of the law is the shortening of the retention period for accounting documents under commercial and tax law from ten to eight years. What initially sounds like a noticeable relief, however, also has a data protection component that companies should not underestimate.
