INTERNAL REVENUE ACT - 2000( 592 )

    Section - 24 - Year of Assessment and Basis Period

    (1) The year of assessment for a person shall be the calendar year from 1st January to 31st December.

    (2) The basis period of a person is,

    (a) in the case of an individual or a partnership, the calendar year from 1st January to 31st December; and

    (b) in the case of a company or a body of persons, the accounting year of the company or body.

    (3) A company or body of persons shall not change its accounting date unless it obtains prior approval in writing from the Commissioner and complies with any condition that may be attached to the approval.

    (4) The Commissioner may by notice in writing, revoke an approval granted a company or body of persons under subsection (3) if the company or body fails to comply with any of the conditions attached to the approval.