the gst guide.pmd - The Belize Department of General Sales Tax

CHAPTER NINE
BOOKS AND RECORDS
9.1 Introduction
The aim of this section is to familiarize you with the legal obligations on what records to keep.
Remember, there are penalties for failing to keep GST records.
A registered person must keep records of all supplies made and purchases acquired during a
tax period. Additionally, keep a GST Account which is a summary of the GST liability
shown on the monthly return.
9.2 Legal Requirements
A registered person shall keep books and records:
(a)
(b)
(c)
(b)
expressed in the English Language and in Belize currency;
to enable the Commissioner to arrive at the tax;
at the principal place of business in Belize or such other place as the
Commissioner may approve; and
for not less than six years after the end of the last tax period to which they relate.
The actual books and records kept by a registered person would depend on a number
of factors including the type of business activity undertaken. However, the books and
records are those that would enable a registered person to ascertain his tax liability and
to provide all the information required by the GST Act.
Examples of the books and records include:
• Annual accounts
• Bank statements any paying-in slips
The GST Guide 27