Objectives of this Decree-Law – Article 2 – Federal Tax Procedures Executive Regulations

Article 2 – Keeping Records

1. Accounting records and commercial books shall include the following:

   1. Records and books in relation to Business, which evidence or in which payments and receipts, purchases and sales, revenues and expenditures are recorded, as well as any matters as may be required under the Tax Law or any other applicable law, including but not limited to:

      1. Balance sheet and profit and loss accounts.
      2. Records of wages and salaries.
      3. Records of fixed assets.
      4. Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and records of stock-counts related to inventory statements.

   2. All documents supporting the entries in the accounting records and commercial books, including but not limited to:

      1. Correspondence, invoices, licences, and contracts related to the Business.
      2. Documents containing details of any election, assessment, determination, or calculation made by a Taxpayer in relation to the Tax affairs of its Business, including the basis, or method of assessment, determination, or calculation made.

2. In addition to the accounting records and commercial books referred to in Clause (1) of this Article, the Authority may request any other information in order to verify, through a series of auditable documents, the Person’s Tax obligations, including their responsibility to register for Tax purposes.