As a prerequisite, every person who conducts any business, whether registered for tax or not, should hold the following documentations and records, as mentioned in the legislation. These documents should include accounting records with entries on payments, receipts, purchases, sales, profits and expenses, including:
- Balance sheets and income statements (profit and loss accounts).
- Records of wages and salaries.
- Fixed asset records.
- Inventory records and statements (including quantities and values) held at the end of any relevant Tax Period and all records of stock-counts related – to inventory statements.
- Any records as specified in tax law and other legislation.
*Note: The aforementioned records must be kept for a minimum of 5 years after the end of the tax period. Where the taxable person owns real estate, the records relating to the real estate must be kept for a period of 15 years, in accordance with the requirements of tax legislation.
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