Finance Act 2019, No. 1 (as amended)

The Finance Act 2019 is a legislative document that outlines the fiscal policies and regulations for a specific jurisdiction. Its purpose is to set forth rules regarding taxation, public expenditure, and other financial matters within that jurisdiction. The Act typically encompasses a wide range of provisions, including income tax rates, corporate tax regulations, customs duties, and various fiscal policies.

Requirements under the Finance Act 2019 apply to individuals, businesses, and other entities operating within the jurisdiction for which the Act was enacted. This includes companies subject to corporate taxation, individuals liable for income tax, and potentially other entities like trusts or partnerships depending on the specific provisions outlined in the Act.

It's important for organizations and individuals to familiarize themselves with the Finance Act 2019 to ensure compliance with the tax laws and financial regulations applicable to their operations within the jurisdiction. Consulting with a tax professional or legal advisor is recommended to gain a thorough understanding of the Act's specific requirements and implications for a particular entity.

A general overview of evidence requirements commonly associated with tax compliance, which are typically addressed in finance acts. However, please note that specific evidence requirements can vary widely based on the jurisdiction and the particular provisions outlined in a given Finance Act.

1. Income and Expenditure Records: This may include detailed records of all income earned and expenses incurred by an individual or organization. These records are crucial for accurately calculating taxable income.
2. Receipts and Invoices: Proper documentation of business expenses, including invoices and receipts, is often required to support deduction claims.
3. Bank Statements: Bank records provide evidence of financial transactions and can be used to verify income, expenses, and other financial activities.
4. Payroll Records: Employers are typically required to maintain records of employee salaries, benefits, and any tax withholdings.
5. Asset Acquisition and Disposition Records: Evidence of the purchase and sale of assets, such as property or investments, is crucial for capital gains tax calculations.
6. Depreciation Schedules: For businesses, maintaining records of asset depreciation is important for accurately calculating depreciation expenses.
7. Tax Forms and Returns: These documents, such as income tax returns, are primary sources of information for tax authorities. They must be accurately and comprehensively filled out.
8. Contracts and Agreements: Contracts can serve as evidence of business transactions, especially in cases where there are specific financial arrangements or obligations.
9. Travel and Entertainment Records: These can include receipts and documentation related to business travel, meals, and entertainment expenses, which may be subject to specific tax treatment.
10. Records of Charitable Contributions: Individuals and organizations may need to provide evidence, such as receipts or acknowledgment letters, for charitable donations made.
11. Transfer Pricing Documentation: For multinational corporations, detailed documentation on transfer pricing policies and transactions may be required to demonstrate compliance with arm's length principles.
12. Supporting Documentation for Deductions and Credits: Various deductions and tax credits may have specific evidence requirements. For example, proof of educational expenses for education credits.

It's important to note that tax laws and evidence requirements can change over time, and new provisions may have be introduced. Therefore, consulting with a tax professional or referring to the most recent Finance Act or tax regulations in your jurisdiction is essential for the most up-to-date information on evidence requirements.