S.L. 123.189 Art. 11Consolidated audited accounts. Cap. 386. Cap. 372. S.L. 123.127

(1) Every principal taxpayer shall be required for each year to prepare a consolidated balance sheet and consolidated profit and loss account covering all the companies in the fiscal unit of which it is the principal taxpayer up to the day immediately preceding the commencement of the next following year of assessment or up to such other day as has been permitted under article 11(2) of the Act.

(2) Other than for the fact that the companies in the fiscal unit may be different from the subsidiary undertakings of a parent company in terms of the Companies Act, the consolidated balance sheet and consolidated profit and loss account shall comply in every respect with the applicable provisions of articles 170 and 171 of the Companies Act, and notwithstanding any exemption granted by that Act or by any other law, such balance sheet and profit and loss account shall be accompanied by a report made out by a certified public auditor as provided by the applicable provisions of articles 179 and 181 of that Act.

(3) Without prejudice to any obligation to prepare audited financial statements in terms of any other law, where the results of a company are contained in a consolidated balance sheet and consolidated profit and loss account prepared in terms of sub-rule (1), such company shall be exempted from the requirement to prepare an audited balance sheet and profit and loss account in terms of paragraph (a) of article 19(4) of the Income Tax Management Act:

Provided that no company shall be exempt from the requirements imposed by the provisions of the Cooperation with

Other Jurisdictions on Tax Matters Regulations.