• Are you required to keep accounting records for exempting receipts and exempting profits?

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    The law does not set out the records that have to be kept to identify exempting receipts and exempting profits. However, a taxpayer who asserts that a part of a dividend paid by an unlisted country company is paid from exempting profits has to maintain adequate records to substantiate this claim.

    Last modified: 05 Dec 2006QC 17522