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Tax accounting obligations


The Director of Taxes had issued his circular L.G. - A No. 63 dated 15 September 2017 regarding "Accounting requirements in tax matters".

With regard to the cash book, it was stated that "all transactions must be recorded without delay, accurately and completely and in date order, either in a single journal book or in a system of specialised journals". Furthermore, "it should be noted that a cash book kept using a spreadsheet (e.g. Excel) is not permitted, as changes can be made at any time".

If the tax authorities discover irregularities in the cash book, resulting in tax reassessments, you run the risk of finding yourself in breach of article 396 of the General Tax Law (Abgabenordung) as well as in breach of article 506-1 of the Criminal Code.


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