Accounts and records

—(1) A taxpayer shall keep and maintain, in Belize, records or books of accounts if the taxpayer is– (a) engaged in business or independent professional activity; or (b) required to make a return or pay or collect tax under a tax legislation. (2) Records and books of accounts under sub-section (1) shall be– (a) in the English language; and (b) in such form and containing such information that will allow for the determination of the amount of taxes payable under a tax legislation or the taxes of other amounts that should have been deducted, withheld or collected. (3) Notwithstanding the generality of sub-section (1), every person carrying on a profession or business, in which charges are made for services rendered, shall, make a separate record of every service transaction made in the course of that profession or business except where otherwise authorised in writing by the Director General or by law. 24 CAP. 51 Tax Administration and Procedure (4) The Director General may require a person to keep records or books of account if the Director General is of the opinion that records or books of accounts are not being kept by that person, as required under sub-section (1). (5) In addition to requiring a person to keep records or books of account, the Director General may impose a penalty in accordance with section 93. (6) The records or books of account required by this section shall be kept at the place of business of the person carrying on business unless the Director General approves of them being kept at some other place. (7) In addition to the records and accounts described in sub- section (1), a taxpayer shall also retain source documents and underlying documentation utilized in the creation of the records and accounts. (8) A person required to keep and maintain records of a transaction under tax legislation shall keep the documents– (a) for a period of six years from the date on which the transaction took place; or (b) until expiration of the time limit for assessment of tax for any tax period to which the records are relevant, if that period is longer than the period specified in paragraph (a). (9) Financial statements, invoices, books of original entry, and all written communications between the Department and the taxpayer shall be in English. (10) For the purposes of this section, source documents include– (a) sales and purchase costing bookings, diaries, purchase Tax Administration and Procedure CAP. 51 25 orders, delivery notes, bank statements, contracts, and other documents which relate to an element of a transaction; and CAP.63. (b) for purposes of the General Sales Tax Act, a copy of all GST invoices, credit notes, debit notes issued and received by the person, and all customs documentation relating to imports and exports of goods by a taxpayer.