Section 31 — Books of Account

(1) Every person, including a company granted exemption from incorporation, shall, whether or not the person is liable to pay tax, maintain books or records of accounts.

(2) The books or records of accounts shall contain sufficient information or data of all relevant transactions for the ascertainment of the person’s tax liability.

(3) The books and records required to be maintained under subsection (1) of this section shall be in English language and shall, for the purpose of tax, be consistent with the format that may be prescribed by the relevant tax authority.

(4) Where the record is maintained in a language other than the English language, the person shall, on demand by the tax authority, produce, at its own expense, a translation in English language, which shall be certified by a sworn translator.

(5) Any book or record required to be kept under this section shall be kept for a period not less than six years after the year of assessment in which the income relates.