Bookkeeping and Submitting payment records

1.     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.

2.     Submitting payment records

Payment records

Persons who pay the following must submit payment records to the tax authorities.

•       Interest

•       Dividends

•       Amount withheld from a business

•       Wages, salaries, and retirement pay

•       Pension

•       Other amounts representing income to the recipient

•       Domestic source income paid to non-residents

3.     Timing of submitting payment records

Withholding agents must submit payment records by the end of February of the year following the year in which the payments were made (for business income subject to withholding wage & salary income or retirement income by the 10th of March of the following year; for daily workers' earned income by the end of following month of the quarter year in which the income is paid; and in case of withholding agents' business suspension or closedown by the end of the third month from the month in which the date of business suspension or closedown belongs).