Section 69: Alternative chargeable business income.

(1) Subject to (2) and (3) and notwithstanding any other provisions in this Act, a taxpayer's chargeable businessincome for the year of assessment is the higher of— a) the taxpayer's ordinary chargeable business income for the year of assessment; and b) fifteen percent of the turnover during the year of assessment. (2) Where subsection (3) does not apply and where a taxpayer maintains in respect of a business proper books of accounts of all receipts obtained, expenses incurred, the matter to which such receipts and expenditures relate and all sales and purchases of goods and services made in respect of that business, notwithstanding any other provisions in this Act, the taxpayer’s chargeable income for the year of assessment derived from the business for which the taxpayer has maintained proper books of accounts is the higher of— a) the taxpayer's ordinary chargeable business income attributable to such business for the year of assessment; and b) ten percent of the turnover of the business during the year of assessment. (3) Where – a) a taxpayer maintains proper books of accounts of— i. all receipts obtained and expenses incurred by a business and the matter to which such receipts such receipts and expenditures relate; and ii. all sales and purchases of goods and services made by that business; b) those books of accounts have been audited by a recognised firm of accountants; and c) the Commissioner is satisfied, that complete and proper records have been kept and that there have been no false, artificial or fictitious transactions aimed at reducing the chargeable income of such business, the taxpayers' chargeable business income attributable to such business for the year of assessment is the taxpayer’s ordinary chargeable business income attributable to such business: Provided that the Commissioner may conduct an audit of the books and accounts of the business within four years from the end of the year of assessment. (4) For the purposes of subsection (3), where the Commissioner has not completed an audit within two years of the end of any year of assessment, any excess tax paid by the taxpayer under this section shall be repayable unless the delay in completion of the audit is caused by a failure of the taxpayer to provide information requested by the