Page 286 - Records of Bahrain (7) (ii)_Neat

676 Records of Bahrain

■lnable) shall be considered »• fairly reflecting lnoomo. The taxpayer
■hill be entitled to use the method regularly followed In its reoordo for
converting one ourrtnoy to Another, If euch n&othod is generally rooognlaed
in oooueerclal accounting,
Thft terms "acoruo or ftre paid," "acorue a&alnst or ore paid by, ond
"derived,* when weed in thle Decree, ftholl be applied and conetrued In
aocordanoe with the method or aoemerolftl accounting upon the baelo of
which lnoome la computed. Aooordingly, If income io computed on the
aoorual method of oommerolal accounting, all Items of Incomings shall be
taken into aooount for the taxable year In which they accrue to the taxpayer,
and all Items or deduotlon shall be deducted for the taxable year In which
they accrue against the taxpayor, while, if income lo computed on the cash
receipts and disbursements method of cocr-merolal accounting, nil items of
looomlnge shall be taken Into account for the taxablo ear In which they
ere reoeived and all items of deduction ohall bo deducted for the taxable
year in which they are peld by the taxpayer.
Artlale 7. - Every taxpayer ohall file with the Director at the offlco
designated by him fur that purpose r.n income tax declaration on or before
the fifteenth day of the fourth month following the end of the taxable year
for which the declaration is Made, ond shell pay to the Director for the
aooount of the lluler, in pounds stalling (United Kingdom), the amount of
Income tax shown thereon In four eqial luatalmonta. The instalments shall
bo due,respectively, on the fifteenth day of the fourth, wlxth, ninth, and
twelfth months following the <vn1 of the taxable year.
The Director may grant reasonable extension!) of time for filing the
declarations ond paying the ino 'me tax Imposed b> this Deoroe, when the
taxpayer shows to the Director's oat Infect Jon that euoh oxtenslcne ore nocee-
oary. In oate of failure to Tllo the declaration or to pa^ the aifcount of
Income tax due In accordance with the provisions of thin Artlole, axoept
where such failure lo due to reasonable ouuuc. there shall be added to the
atpounto due u fine amounting to one per cent.(1*) thereof for oaoh thirty
day» or fraction thereof during which such failure ountinueo.
Artlole tt. - The taxpayer ohall enter In the reoordo of Its accounts
nil ltema of incomings ond of deduotlon and oil other item© affecting the
amount of lie income tax for the taxeble year. The taxpayer shall file i*e
declaration on the basis of recordo which are corroct and whioh fairly
reflect Its Income. If a public or chartered accountant who is a member of
an internationally recognised firm of Accountants, approved for the taxable
•ear by the Dlreotor, aertiflea that the records for the taxable year are
correct and fairly refleot the taxpayer's Income computed ab provided by
thle Decree, and that the declaration la In aonformlty with such rooordu,
S: the declaration shall, in tha absence of proof to the contrary established
by tho Dlreotor, be acoepted as oorreot, and the income tax shown by such
declaration shall be taken to be finally determined. The Director shall
issue annually in reapeot of eaoh taxable year a list of two or more
Internationally recognised firms of accountants which are approved by him
for euoh year. In default of the oerfcifioation for whioh provision is made
in this Artlole, the Director may aooept the taxpayer's declaration a»
oorreot, or, when required by the eetebliahed facte, may dispute the amount
i i of income tax stated in the declaration.

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