BOOKKEEPING AND REPORTING

A. Bookkeeping

A taxpayer conducting a business shall maintain books and records adequate to support the

computation of the amount of taxable income. Such books and records shall be of

sufficient detail to allow an inspector to understand the relevant facts of all transactions

conducted by the business.

B. Reporting

PAYMENT REPORTS

Persons who pay the following must submit to the government a monthly report by the

end of the following month in which the payments were made. However, payments of

wages and salary shall be reported by the end of February of the following year in which

the payments were made.

Interest

Dividends

Amount withheld from a business

Wages, salaries, and severance pay

Other amounts representing income to the recipient

Amounts paid to non-residents representing income from domestic sources, other than

wage, salary and severance payments

SUBMITTING PAYMENT REPORTS

Under the system of global taxation of financial income, persons required to withhold tax

must supply information regarding the income subject to withholding by the end of

February of the year following the year in which the payments were made.