Ministerial Order determining Simplified Accounting Method for Small Businesses

Citation
Ministerial Order 5 of 2019
Date
6 May 2019
Language
English
Type
Legislation
Rwanda

Ministerial Order determining Simplified Accounting Method for Small Businesses

Ministerial Order 5 of 2019

The Minister of Finance and Economic Planning,Pursuant to the Constitution of the Republic of Rwanda of 2003 revised in 2015, especially in Articles 121, 122 and 176;Pursuant to Law n° 016/2018 of 13/04/2018 establishing taxes on income, especially in Article 22;After consideration and approval by the Cabinet, in its session of 03/04/2019;ORDERS:

Article One – Simplified accounting method for small businesses

A taxpayer, who carries out a small business, who opts for paying taxes on actual profit does simplified accounting requiring to keep the following basic records:1°a record of all daily sales which indicate all daily cash and credit sales;2°a record of all daily purchases which indicates goods or services acquired by cash and by credit to constitute a stock in trade or constitute necessary operating expenditures;3°a record of all money transactions which indicates the cash entries and cash expenditures;The basic records referred to in point 1º, 2º and 3º of Paragraph One of this Article are annexed to this Order.

Article 2 – Repealing provision

All prior provisions contrary to this Order are repealed.

Article 3 – Commencement

This Order comes into force on the date of its publication in the Official Gazette of the Republic of Rwanda.

Annex

Record of all daily sales

DateInvoice n°Customer’s Name and INNature of goodsQuantityPrice
      
Total     

Record of all daily purchases

DateInvoice n°/DMCSupplier’s nameNature of goodsQuantityPrice
      
Total     

Record of all cash transactions

DateRef. N°DetailsEntriesExpenditureBalance
      
Total     
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History of this document

06 May 2019 this version
Commenced
29 April 2019
Assented to