The Taxable Period in respect of which the income tax is imposed by this present Decree shall mean the accounting period used by the taxpayer for keeping his records provided that :

1. The Taxpayer shall in the ordinary way keep its records on the basis of the Calendar Year unless the Director, upon the request of the Taxpayer, authorizes the Taxpayer in writing to keep his records on an alternative basis other than the Calendar Year.

2. The period authorized under such alternative basis shall not exceed a period equal to one calendar year added to that half of the following calendar year.

3. Any such authorization by the director shall not be withdrawn, revoked or varied unless requested by the taxpayer.

4. Regarding the taxpayer who was not submissive to the provisions of Kuwait Income Tax Decree of 1951, any taxable period may not commence on the first of January 1955. Therefore, the income of such taxpayer earned during the accounting period commencing before January,1st 1955 but ending after such date shall be divided on timely basis.

5. Any authorization by the director under the above (a) may be given subject to any conditions deemed appropriate by the director. However, if the above (d) provisions are in operation, the director may, when giving the authorization, set forth any conditions he deems appropriate while taking into consideration the length of the taxable period and the amount of income during such period.