S.L. 123.92 Art. 20Accounts and records.

(1) Every person who carries on a trade, business, profession or vocation and who owns property shall keep such records and documents relating to the acquisition, development and transfer thereof as are necessary for ascertaining the tax chargeable on the transfer of that property or part thereof.

(2) Without prejudice to the generality of the sub-rule (1), the records shall show an account of the costs and turnover related to any project and shall include:

(a) a general account of the project;

(b) an account in respect of each transferable unit within the project.

(3) The account in respect of a transferable unit within a project shall include:

(a) the consideration for the transfer of that unit;

(b) the transfer value of that unit determined in accordance with these rules;

(c) the acquisition value of that unit determined in accordance with these rules;

(d) the development, administrative and other costs related directly to the development of that unit;

(e) a portion of the costs referred to in paragraph (d) to the extent that they cannot be allocated specifically to that transferable unit. Except when the Commissioner otherwise directs in writing, this portion shall be such proportion of the said costs as is equal to the proportion which the area of that unit bears to the total area of the project.

(4) In calculating the area of a transferable unit and of a project for the purpose of sub-rule (3)(e) the following provisions shall apply:

(a) the area of each unit shall be the sum total of the surface area of each level comprised in that unit;

(b) the area of the project shall be the sum total of the areas of each transferable unit within that project, as well as the common parts and all parts over which the owner retains or intends to retain rights of ownership;

(c) the areas referred to in this sub-rule shall correspond to the areas resulting from the latest plans in respect of the project.

(5) Without prejudice to the generality of sub-rule (1), the documents required to be kept by this rule shall include:

(a) copies of the deeds of acquisition and deeds of transfer of the property in question;

(b) the plans in respect of the project, including the plans and any alterations as approved by the competent authorities and all plans and drawings on the basis of which any works have been or are planned to be carried out and by reference to which any part of the project is or is planned to be transferred;

(c) copies of all applications and permits filed with or obtained from the competent authorities in connection with the property;

(d) fiscal receipts or tax invoices of all costs that comply with all the relevant provisions of the Value Added Tax Act.

(6) The records and documents that are required to be kept in accordance with this rule shall be kept in addition to the records and documents required in terms of any other provision under the Income Tax Acts.

(7) In this rule, "a transferable unit" means any unit that is included in the plans referred to in sub-rule (5)(b) as a separate transferable unit: provided that the airspace shall, unless it is specifically transferable as part of a unit, be deemed to represent a separate unit.