Income Tax Act (Cap. 123), article 11

11. (1) Every person shall each year make up the accounts of his trade or business which he is required to keep in accordanc e with the provisions of this Act to the day immediately precedin g the next following y ear 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 permissio n has been granted as aforesaid, the gains or profits for that ye ar 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; INCOME TAX [CAP. 123. 77 Cap. 372. (b) commercial partnership en nom collectif , or commercial partnership en commandite which has not 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 fi t and reasonable, and where the person who has requested permission for a change in acco unting date accepts the conditio ns laid down by the Commissioner and the accounting date of the trade or business is changed acco rdingly, such co nditions 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. 78 CAP. 123.] INCOME TAX PART III EXEMPTIONS Exemptions. Amended by: XX. 1955.2; XV .1958.2; XXV . 1960.5; XXIV . 1961.2; XXV . 1962.2,4; L.N. 4 of 1963; X. 1963.2; XIV . 1963.2; XXXI. 1966.2; XXVII. 1967.20; VIII. 1969.4; XLIX. 1974.3; XLII. 1975.3; XXII. 1976.4; XXXIX. 1976.8; XXVIII. 1978.5; XXI. 1980.3; IX. 1981.3; IX. 1983.6; XIII. 1983.5; XIV . 1984.3; VIII. 1987.3; XXXI. 1988.4; XIX. 1989.4; XXXVI. 1990.4; VIII. 1991.2; XIII. 1992.2. Renumbered by: XVII. 1994.2. Amended by: XVII. 1994.12; XX. 1996.6; XVII. 1998.70; IX. 2001.24; II. 2002.44; II. 2003.9; II. 2004.9; II. 2007.5; IV . 2007.9; XVII. 2009.45; I. 2010.15; IV . 2011.10; V . 2012.13; L.N. 218 of 2012; III. 2013.21; XII. 2014.15; XXII. 2014.13; XXXVII. 2014.2; XIII. 2015.48; XV . 2016.15. Cap. 318. Cap. 370; XVI. 2017.17; VII.2018.17; VII.2019.18;* VIII.2020.15; XVIII.2021.16; VII.2022.20; III.2026.15.