Cap. 123 Art. 11Accounting periods.

(1) Every person shall each year make up the accounts of his trade or business which he is required to keep in accordance with the provisions of this Act to the day immediately preceding the next following year of assessment.

(2) Notwithstanding the provisions of sub-article (1) hereof, the Commissioner may permit any person to whom this sub-article applies to make up the said accounts to a date other than the day immediately preceding a year of assessment and, where permission has been granted as aforesaid, the gains or profits for that year of assessment and subsequent years of assessment shall be computed on the income of the year terminating on the date in the year immediately preceding the year of assessment on which the Commissioner has permitted that the accounts be made up.

(3) Sub-article (2) applies to any -

(a) company;

(b) commercial partnership or en nom collectif, commercial partnership which has not en commandite elected to be treated as a company in terms of article 27(6) of the Income Tax Management Act;

(c) body corporate established by law;

(d) undertaking required by article 30(7)(d) to be dealt with as a separate body of persons.

(4) In granting his permission for the purposes of sub-article (2), the Commissioner may impose such conditions as he deems fit and reasonable, and where the person who has requested permission for a change in accounting date accepts the conditions laid down by the Commissioner and the accounting date of the trade or business is changed accordingly, such conditions shall be operative notwithstanding any other provisions of this Act.

(5) The Minister responsible for finance may make rules prescribing -

(a) the method by which changes in an accounting date may be authorized by the Commissioner for the purposes of this article; and

(b) the conditions which may be imposed or required by the Commissioner in authorizing changes as aforesaid.