Article 54 addresses the requirements for financial statements. The Authority can request any Taxable Person to submit the financial statements used to determine their Taxable Income. The Minister holds the power to issue a decision requiring certain categories of Taxable Persons to prepare and maintain audited or certified financial statements. For Unincorporated Partnerships, the Authority may request financial statements that show the partnership's total assets, liabilities, income, and expenditure, along with each partner's respective distributive share of these items. This ensures a high standard of financial transparency for tax assessment purposes.
Chapter 17 - Tax Returns and Clarifications
Article 54 - Financial Statements
[GTL Notes]
The Authority may, by notice or through a decision issued by the Authority, request a Taxable Person to submit the financial statements used to determine the Taxable Income for a Tax Period in the form and manner and within the timeline prescribed by the Authority.
The Minister may issue a decision requiring categories of Taxable Persons to prepare and maintain audited or certified financial statements.
For the purposes of Clause 1 of this Article, the Authority may request a partner in an Unincorporated Partnership to provide financial statements showing all of the following:
The total assets, liabilities, income and expenditure of the Unincorporated Partnership.
The partner’s distributive share in the Unincorporated Partnership’s assets, liabilities, income and expenditure.