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Statement of Facts
More than twenty four thousand eight
hundred days or sixty eight years from the
time that the Bureau of Internal Revenue’s
Revenue Regulations V-1 was developed and
implemented, it remained so relevant and a
valuable source of knowledge and information
for tax accounting bookkeepers and taxpayers
of the Republic of the Philippines.
It reminds and requires the taxpayers to
make entries in their books of accounts, keep
them and the source documents used in
making entries therein in their principal place
of office and finally, present all of them at the
time requested or required by the revenue
officers assigned and authorised to see, hold
and examine them.
Because this find is as precious as the
the diamond, it must be given attention and
importance in conducting a business.
Keep.
Information.
Short.
Simple.
Uniform.
Equitable.
Progressive. 
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Republic of the Philippines

DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE
Manila
"
March 17, 1947
"
REVENUE REGULATIONS NO. V-1
THE BOOKKEEPING REGULATIONS
(As Amended)
"
TO All Internal Revenue Officers and others
Concerned
"
"
CHAPTER I
Scope and Definition of Terms
"
SECTION 1. Scope. — Pursuant to the
authority granted in section 338, in relation to
section 4 (j) of Commonwealth Act No. 466,
otherwise known as the National Internal
Revenue Code, the following regulations
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relative to the keeping of books of accounts,

records, registers, and the issuance of
invoices, receipts, tickets, and other
supporting papers and documents by persons
subject to internal revenue taxes, and the
manner of recording business transactions are
hereby promulgated and shall be known as
Revenue Regulations No. V-1 or "The
Bookkeeping Regulations."
SECTION 2. Definition of Terms.
— As used in these regulations, the following
words and phrases shall be taken to mean as
follows:
"Persons" include natural persons and
partnerships, associations, companies or
corporations, no matter how created or
organized.
"Books of accounts" shall include the
journal and the ledger and their subsidiaries,
or their equivalents.
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"Journal" is a book of original entry in

which the happenings or transactions affecting
the business of a taxpayer are recorded
consecutively day by day as they occur.
"Ledger" is a book of final entry to which
are posted the classified accounts or items of
all transactions entered in the journal or its
equivalents.
"Simplified set of Bookkeeping
Records" consists of the record of daily sales
and cash receipts, the record of daily
purchases, expenses and cash
disbursements, record of the summary of
transactions, and the yearly statements of net
worth and operations, which may be in
combined form or in separate booklets. Said
records should be specially designed for each
class or kind of trade or business and
prepared by a certified public accountant,
should conform substantially with the forms
illustrated in Revenue Regulations No. V-13,
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should be regularly bound, and may be

printed, mimeographed or typewritten1.
An "independent certified public
accountant" is one who is in fact
independent. In other words, an accountant
will not be considered independent with
respect to any person in whose business the
accountant has any financial interest, direct or
indirect, or in which he is, or was during the
period of the report, connected as a promoter,
underwriter, voting trustee, director, officer, or
employee. A certified public accountant whose
work is subject to the supervision and control
of the taxpayer, or who is employed to keep
the books of accounts or to supervise the
keeping of the said, accounts, cannot audit
the latter's books of accounts. He must,
therefore, be employed exclusively to audit
the books of accounts of the taxpayer and not
for any other purpose, nor bear to him any
1 As amended by Sec. 2, Reg. No. V-13 and Sec. 1, Rev. Reg. No. V-43
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business or professional relationship which

may in any way affect the independence of his
professional actuations. A firm of certified
public accountants, one of the members of
which is actually keeping or supervising the
keeping of the books of accounts of a certain
taxpayer, cannot audit or examine the said
books of account of the latter2.
"
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"
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"
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2 As amended by Sec. 1, Rev. Reg. No. V-20.
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CHAPTER II
Books of Accounts and Audit by
Independent Certified Public Accountants
"All corporations, companies,
partnerships, or persons required by law to
pay internal revenue taxes shall keep a
journal and a ledger, or their equivalents:
Provided, however, That those whose gross
quarterly sales, earnings, receipts, or output
do not exceed five thousand pesos shall keep
and use a simplified set of Bookkeeping
Records duly authorized by the Secretary of
Finance wherein all transactions and results of
operations are shown and from which all taxes
due the Government may readily and
accurately be ascertained and determined any
time of the year. And provided, further, That in
the case of corporations, companies,
partnerships or persons whose gross quarterly
sales, earnings, receipts or output exceed
twenty-five thousand pesos, shall have their
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Books of Accounts audited and examined

yearly by Independent Certified Public
Accountants and their income tax returns
accompanied with certified balance sheets,
profits and loss statements, schedules, listing
income-producing properties and the
corresponding incomes therefrom and other
relevant statements3."
"
SECTION 3. Persons Required to
Keep Books of Accounts: — Persons
required by law to pay internal revenue taxes
whose gross quarterly sales, earnings,
receipt, or output, whether subject to
percentage tax or not, exceed five thousand
pesos (P5,000), are required to keep books of
accounts in accordance with the standard
accounting system. The said books of
accounts shall consist of journal and a ledger,
3Sec. 334, National Internal Revenue Code, as amended by Sec. 2,

Rep. Act No. 438 and Sec. 1, Rep. Act No. 658.
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or their equivalents, and shall contain all

information necessary for the accurate
determination of the internal revenue taxes
due on their businesses.
"
SECTION 4. Journals, Ledgers, and
Their Equivalents: — The journal may
consist of only one book, the general journal.
Its equivalents may consist of several books
such as sales book, purchase book, cash
book and such other books as the taxpayer
may find convenient for his business. Such
books are also books of original entries where
all the daily transactions, whether cash or
otherwise, are recorded in their chronological
order. A journal, in order to comply with the
provisions of these regulations, must contain
all the transactions affecting the business.
Every entry in the general journal shall carry a
brief but complete explanation of the nature of
the business transaction and be supported by
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proper vouchers. The general journal shall be

in bound form. Where subsidiary journals are
used, the same may be either bound or in
loose-leaf form provided that the entries in
loose-leaf sheet shall be summarized at the
end of every month in the general journal
which shall then be posted to the ledger.
The ledger, like the journal, may consist
of one book, the general ledger. Its
equivalents, may consist of several ledgers
such as customers' ledger, creditors' ledger,
stock ledger, and such other books as the
taxpayer may find convenient for his business.
All entries in the journal must be posted to the
ledger not later than seven days from the date
of the transaction and shall be classified in the
ledger so as to show the assets, liabilities,
capital, and the operating accounts from
which a balance sheet, and a profit and loss
statement covering the operation of the
business can be prepared. No entry shall be
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made in the ledger or its equivalents unless

said entry originates from the journal or its
equivalents. The general ledger shall be in
bound form. Where subsidiary ledgers are
used, the same may be either in book form or
in loose-leaf form, provided that the entries in
the loose-leaf subsidiary ledger are reflected
in the general ledger by a controlling account.
In meritorious case and upon written
authority of the Commissioner of Internal
Revenue the use of the general journal and
the general ledger in loose-leaf may be
allowed.
"
SECTION 5. Persons Required to
Keep Simplified Set of Bookkeeping
Records: — Persons required by law to pay
internal revenue taxes on business whose
gross quarterly sales, earnings, receipts or
output do not exceed five thousand pesos
(P5,000) shall keep and use the simplified set
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of bookkeeping records recommended by the

Commissioner of Internal Revenue and
approved by the Secretary of Finance as
defined in section 1 of these regulations,
unless they elect to keep the regular books of
accounts4. ().
Simplified sets of bookkeeping records
previously authorized under Revenue
Regulations No. V-13 which are not
specifically assigned and designated for use
of a definite class of trade or business and for
which specific sets of bookkeeping records
have been prepared in accordance with and
authorized under Revenue Regulations No.
V-43 shall no longer be used. All persons
commencing business after the publication of
these regulations shall use the simplified sets
provided for in these regulations5. However,
persons already engaged in business at the
4 As amended by Sec. 3, Rev. Reg. No. V-13

5 Revenue Regulations No. V-43
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time of the publication of these regulations

may continue using their simplified sets of
bookkeeping records authorized under
R e v e n u e R e g u l a t i o n s N o . V- 1 3 u n t i l
December 31, 1962. Thereafter, beginning
January 1, 1963, only such forms of simplified
sets of bookkeeping records approved and
authorized for use in particular line of
business or trade under Revenue Regulations
No. V-43 are allowed to be used6.
A trade or business for which no specific
form has as yet been approved pursuant to
Revenue Regulations No. V-43 may use a
simplified set of bookkeeping records
approved under Revenue Regulations No.
V-13 until such time when a specific set
therefor has been approved under the latter
regulations7.
6 Added by Sec. 1, Rev. Reg. No. 5-62.

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The simplified sets of bookkeeping

records enumerated in Annex "A" hereof are
the only ones so far approved by the
Secretary of Finance in accordance with
Revenue Regulations No. V-438.
"
SECTION 6. Transactions to be
Recorded in the Simplified Set of
Bookkeeping Records. — The amount of
sales of goods, wares, or merchandise or the
value of services rendered for the day,
whether in cash or on credit, shall be entered
in the record of daily sales and cash receipts
not later than five o'clock in the afternoon of
the day following the date of transaction. The
manner of entering the transactions for the
day in the record of daily sales and cash
receipts are explained in Appendix I (Form No.
1). If there is no sale or receipt during the day,
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that fact shall be noted in the said record

within the same period9.
All purchases and expenditures whether
in cash or on credit and other sundry
disbursements shall be recorded likewise
every day in the record of daily purchases,
expenses and cash disbursements not later
than five o'clock in the afternoon of the day
following the date the particular transaction
was effected. The manner of entering the
transactions for the day in the said record of
daily purchases, expenses and cash
disbursements are explained in Appendix II
(Form No. 2)10.
Within twenty-four hours after the close
of each calendar month, the money columns
of the record of daily sales and cash receipts
and record of purchases, expenses and cash
disbursements shall be totalled and posted or

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transferred to the corresponding columns in

the record of the summary of transaction as
shown in Appendix III (Form No. 3). After the
end of the accounting year, the money
columns of the summary of transactions shall
be totalled and the computations indicated
therein properly accomplished11.
The yearly statements of net worth and
operations shall be prepared within one
hundred and five days after the end of the
accounting year by using the totals for the
year in the summary of transactions and the
inventory sheet required by Section 13 of
Revenue Regulations No. V-1. The said yearly
statements shall be attached to the income
tax return to be filed by the taxpayer12.
"
"
11As amended by Sec. 4, Rev. Reg. No. V-13.

12As amended by Sec. 4, Rev. Reg. No. V-13; See Republic Act No.
2343
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SECTION 7. Records of Receipts and

Disbursement: — All persons subject to any
internal revenue tax on their occupation,
pursuit or calling of whatever nature, or on
their income, such as professionals, farmers,
property owners, etc., shall, unless they
provide themselves with the journal and the
ledger or their equivalents, keep a record of
their receipts and disbursements. All entries
therein shall be made not later than five
o'clock in the afternoon of the day following
the date the transaction was effected.
However, a person whose only source of
income is his salary shall be exempt from
keeping the records prescribed in these
regulations.
"
SECTION 8. Entries to be Kept up to
Date in Ink or Indelible Pencil. — All entries
in the books of accounts and other records
must be kept up to date in ink or indelible
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pencil in a neat and legible manner, and the

figures entered in all columns shall be totalled
within twenty-four hours from and after the
close of each calendar month and the totals
posted at the foot of the respective columns.
All transactions, the time of posting or entry of
which is not specifically provided for in these
regulations, shall be recorded within seven
days from the date of transactions were
effected.
"
SECTION 8-A. Audit to be Performed
by Independent Certified Public
Accountant: — (1) Corporations, companies,
partnerships or persons whose gross quarterly
sales, earnings, receipts or output exceed
twenty-five thousand pesos, shall have their
books of accounts audited and examined
yearly by independent certified public
accountants. The audit to be performed by an
independent certified public accountant shall
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embrace an examination of the accounting for

assets, liabilities and capital together with a
review of the income and expense accounts of
the taxpayers in accordance with generally
accepted auditing standards and procedures.
"
SECTION 8-B. Schedule of Income-
Producing Properties and the
Corresponding Incomes Therefrom and
Other Relevant Statements to Accompany
Income Tax Return: — Corporations,
companies, partnership or persons whose
output exceed twenty-five thousand pesos
shall have their income tax returns
accompanied with schedules listing income-
producing properties and the corresponding
incomes therefrom and other relevant
statements. Said schedules shall conform
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substantially with the form prescribed in Annex

"A" hereof13.
PROFIT AND LOSS STATEMENT TO
ACCOMPANY INCOME TAX RETURN
FORM THEREOF: — Corporations,
companies, partnership and persons whose
output exceed twenty-five thousand pesos
shall accompany their income tax returns with
comparative profit and loss statements. Said
statement shall conform substantially with the
form prescribed in Annex "B" hereof14.
"
Don’t ask for the help of the
Almighty God if at the end, you will
only resort to bribing a person.
13 Added by Sec. 1, Rev. Reg. No. V-58.

14 Added by Sec. 2, Rev. Reg. V-58.
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CHAPTER III
Other Books and Records
"All corporations, companies,
partnerships, or persons keeping the books of
accounts mentioned in the preceding section
may at their option keep such subsidiary
books as the needs of their business may
require: Provided, That where such
subsidiaries are kept, they shall form part of
the accounting system of the taxpayer and
shall be subject to the same rules and
regulations as to their keeping, translation,
production, and inspection as are applicable
to the journal and the ledger.15"
"
SECTION 9. Subsidiary Books.
— Persons required to keep the books and
records mentioned in Section 334 of the
National Internal Revenue Code may, at their
option, keep such subsidiary books as the
15 Sec. 335, Commonwealth Act No. 466.
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needs of their business may require and such

other books as may be required by these
regulations. Such books shall be subject to
the same rules and regulations as are
applicable to the journal and ledger prescribed
in Chapter II hereof.
"
SECTION 10. Records to be Kept by
Proprietors or Operators of Rope
Factories, Sugar Centrals, and Disiccated
Coconut Factories: — Aside from the books
and other records required in Chapter II of
these regulations, proprietors or operators of
rope factories, sugar centrals, desiccated
coconut factories and other factories subject
to the percentage tax on the gross value of
their output or gross sales of their products
shall keep true and correct records of their
purchases of raw materials, the finished
products and by products. The records of
purchases of raw materials shall indicate the
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kind and quantity of raw materials received,

the unit price, and the total value of the said
raw materials, the date of receipt, the number
of receipt issued therefor, and the name,
address and residence certificate of the
persons from whom the raw materials were
purchased. The record of finished products
and by-products shall state the date of
production, and the kind and quantity of the
finished products and by-products, and the
record of removals shall show the date of
removal, the number of the invoice issued
therefor, the kind and quantity of the finished
products or by-products, the unit price and the
total selling price or market value thereof, and
the name, address and residence certificate of
the purchaser or the person to whom delivery
is made.
The proprietor or operator of a factory or
mill may adopt such system of keeping his
records as may be convenient for his
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business, provided that the system adopted

truly reflects all his transactions and his books
contain all the desired information. All his
purchases shall be covered by the
corresponding receipts, except when the
person from whom the same are made has
issued invoices therefor in which case, the
proprietor or operator may keep the said
invoices in lieu of issuing receipts therefor,
provided, that said invoices show the
information herein required. Every removal of
the finished products or by-products shall be
covered by an invoice showing the date of
removal, the kind and quantity of the finished
product or by-product removed, the unit price
and the total selling price or market value
thereof, and the name, address and residence
certificate of the purchaser or the person to
whom delivery is made.
Proprietors or owners of rice mills and
corn mills shall keep the records and issue the
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receipts and invoices prescribed in Revenue

Regulations No. 1 (Rice and Corn Mills
Regulations.16).
"
S E C T I O N 11 . R e c o r d o f J o b s
Received by Contractors. — Road, building,
waterworks, and other construction work
contractors, and other persons subject to tax
under Section 191 of the National Internal
Revenue Code shall, in addition to the books
and other records required in Chapter II of
these regulations, keep a register book for job
orders received in which they shall enter
immediately upon making a contract the date,
name and address of the customer, a
description of the articles to be constructed or
the services desired, the consideration
therefor, and the amount of deposit or partial
16 Repealed by implication by Republic Act No. 3704. Operators or

owners of rice or own mills are now subject to an annual graduated
fixed tax based upon the total capacity per machine used and not on
the percentage tax imposed by Section 189 of the National Internal
Revenue Code.
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payment, if any; and upon completion and

delivery of the subject matter of the contract,
the date of completion or delivery and the
amount paid therefor.
Keepers of hotels and lodging houses
may, in lieu of the records of jobs received,
keep a guest register book in which shall be
entered immediately upon accepting a guest
the date and time of his arrival, the name and
address of the guest, and the number of the
room to be occupied; and, upon checking out,
the date and time of his departure; and the
amount paid by him. The entries shall be
numbered consecutively for purposes of
reference. The books prescribed herein shall
conform substantially with Form "C" of the
Appendix.
In case any of the taxpayers
enumerated in Section 191 of the National
Internal Revenue Code finds the use of the
register book for jobs received impracticable
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for his business he may devise such system

of keeping his books and other records as
may be appropriate for his particular business
and submit said books and records for
approval to the Commissioner of Internal
Revenue, if his place of business is in Manila,
or to the provincial revenue agent, if in the
province. No such books and records may be
used until they are duly approved in
accordance with Section 19 of these
regulations.
"
SECTION 12. Records to be Kept by
Brokers. — Aside from the books and other
records required in Chapter II of these
regulations, stockbrokers, dealers in
securities, real estate brokers, real estate
dealers, commercial, customs and
immigration brokers shall use serially
numbered contract forms, which shall be
issued in chronological order, for each
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agreement had with their customers, showing

the date and other facts concerning the
services rendered or to be rendered and the
signature of the parties thereto. The contracts
shall be recorded everyday in a register book
showing the date and number of the contract,
the name of the customer, the services
desired, the subject matter and the value
thereof (in case of properties), the
compensation agreed upon and the duration
of the contract; and upon termination of the
contract, a remark as to the date and number
of the receipt issued for the compensation
received. The contracts shall be filed in the
office of the broker in numerical order together
with copies of all papers concerning the
transactions.
In case of commercial brokers
representing foreign companies, copies of the
orders such as cablegrams, telegrams,
radiograms, etc. shall be filed with the
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corresponding file copies of the contracts.

These pertinent papers need not be filed with
the file copies of the contracts where a filing
system is employed such that said papers are
readily available by reference appearing on
the file copies of the contracts.
"
SECTION 13. Records of Inventories:
— Persons required by law to pay internal
revenue taxes on business shall keep, in
addition to the other books and records
prescribed in these regulations, a book of
inventories, in which they shall record in detail
the quantity, description, unit and total cost of
every item of their stocks-in-trade, materials,
supplies and other goods found in the
premises of their establishments at the time
they start business and at the close of the
calendar year or accounting period. The
inventory at the beginning shall be made and
submitted to the Commissioner of Internal
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Revenue, if the place of business is in Manila,

or to the deputy provincial or city treasurer, if
in a municipality or city, within ten days after
securing the privilege tax-receipts or starting
the business, and the subsequent inventories
not later than thirty days after the close of the
calendar year or accounting period. This
period may, in meritorious cases, be extended
by the Commissioner of Internal Revenue.
Deputy provincial and city treasurers
shall, upon receipt of such inventories,
immediately send the same to the
corresponding provincial revenue agent who
shall keep and preserve them for purposes of
reference.
"
"
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CHAPTER IV
Invoices or Receipts
"All persons subject to an internal
revenue tax shall, for each sale or transfer of
merchandise or for services rendered valued
at two pesos or more, prepare and issue sales
or commercial invoices or receipts serially
numbered in duplicate, showing among other
things, their names, or styles, if any, and
business addresses; PROVIDED, That in
case of sales, receipts or transfers in the
amount of fifty pesos or more, the invoices or
receipts shall further show the name, or style,
if any, and business address of the purchaser,
customer or client. The original of each sales
invoice or receipts shall be issued to the
purchaser, customer, or client who, if engaged
in any taxable business, shall be kept and
preserve the same in his place of business for
a period of five years from the date of the
invoice or receipt, the duplicate to be kept and
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preserved by the persons subject to tax, also

in his place of business for a like period:
PROVIDED, That persons subject to tax,
whose gross sales, earnings, or receipts
during the last preceding year exceed twenty
thousand pesos shall, for each sale or
transaction, issue an invoice or receipt
irrespective of the value of the articles sold or
service rendered.
"The Commissioner of Internal Revenue
may, in meritorious cases, exempt any person
subject to an internal revenue tax, from
compliance with the provisions of this section.
In any event, public market vendors selling
exclusively domestic meat, fruits, vegetables,
game, poultry, fish and other domestic food
products are hereby exempted from the
provisions of this section17."
"
17 Sec. 204 of Commonwealth Act No. 466, as amended by Com. Act
No. 526; sec. 9, Republic Act No. 48; sec. 18 of Republic Act No.
1612; and by Republic Act No. 1856.
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S E C T I O N 1 4 . Vo u c h e r s f o r
Transaction: — Persons paying internal
revenue taxes who are required to keep the
books of accounts mentioned in Section 334
of the National Internal Revenue Code shall
have a voucher for each entry in their books.
The voucher may be an invoice, receipt,
check or other document, which shall show
the details of each transaction.
"Persons subject to tax shall issue a
sales or commercial invoice for each sale or
transfer of merchandise or for services
rendered valued at P2 or more. In case the
transaction is valued at less than P2, the
taxpayer need not issue any invoice, but
unless it is issued, the transaction must be
recorded immediately after it is effected in a
record of petty sales or transactions the
entries in which shall be summarized at the
end of the day and the total transferred to the
journal or internal revenue sales book or book
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of receipts. If the gross sales or receipts of a

person during the preceding year exceed
P20,000, every sale or transaction effected by
him shall be covered by an invoice,
irrespective of the amount of the sale or
transaction.
"The record of petty sales or receipts
may be dispensed with if a cash register
machine with roll sheets is used to record all
petty transactions. The entries in the roll
sheets shall be summarized at the end of the
day and the total transferred to the journal or
to the internal revenue sales or receipts book.
The said roll sheets shall be identified by the
signature or initials of the taxpayer or his
bookkeeper or manager and shall show the
dates of the transaction therein recorded.
"Every purchase or expenditure by a
taxpayer subject to these regulations shall
also be supported by an invoice or a receipt
issued by the vendor or the person rendering
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the service. In case an invoice or a receipt is

not issued, the taxpayer concerned shall
require the vendor to sign a purchase or
expense voucher showing the date, the
quantity and description of the articles
purchased or the services rendered, THE
RATE OF TAX TO WHICH THE ARTICLES
WERE SUBJECTED, IF SUBJECTED TO
THE ADVANCE SALES TAX IN THE CASE
OF IMPORTATION OR TO THE SALES TAX
IN THE CASE OF L O C A L LY
M A N U FA C T U R E D O R P R O D U C E D
ARTICLES, the consideration paid therefor,
and the name and address of the vendor or
PERSON RENDERING THE SERVICE
together with the number, date and place of
issue of his residence certificate.
"The COMMISSIONER of Internal
Revenue may, in meritorious cases, exempt a
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person from compliance with these

regulations18.
"
SECTION 15. Form and Manner of
Issuance of Invoices and Receipts. — An
invoice or a receipt, in order to comply with
the requirement of these regulations, must be
serially numbered and made at least in
duplicate. They shall be bound in the form of
booklets or pads of 50 or 100 each, and shall
show, among other things, the name and
address and the business style, if any, of the
person issuing the same, and shall contain
such columns as may be necessary and
appropriate for the business of the taxpayer
concerned. The invoices or receipts may have
as many duplicate copies as may be
necessary for the purposes of the taxpayer,
but the duplicate copies shall bear the same
serial number as the original.
18 Amended by Rev. Reg. No. 4-65, dated Jan. 22, 1965
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"Where the transaction is required to be

covered by an invoice or receipt, the same
shall be issued at the time the transaction is
effected and the original thereof delivered to
the purchaser or to the person from whom
payment is received. In the case of sales
invoices, THE INVOICE MUST show the date
of the transaction, the quantity and description
of the merchandise, the unit cost, THE RATE
OF SALES TAX TO WHICH THE PRODUCTS
OR ARTICLES ARE SUBJECT OR WERE
SUBJECTED IF ISSUED BY PRODUCERS,
MANUFACTURERS, IMPORTERS, OR
WHOLESALERS, and the total price. IN
CASE OF SALES, REGARDLESS OF
A M O U N T, BY PRODUCERS,
MANUFACTURERS, IMPORTERS, OR
WHOLESALERS TO RETAILERS OR ANY
BUSINESS ESTABLISHMENT, THE INVOICE
MUST FURTHER SHOW THE NAME, OR
STYLE, IF ANY, THE BUSINESS ADDRESS
41 of 80
AND THE NUMBER, DATE, AND KIND OF

PRIVILEGE TAX OF THE PURCHASER.
R E TA I L D E A L E R S I N L O C A L LY
PURCHASED ARTICLES, UNLESS
REQUESTED BY THE PURCHASERS,
NEED NOT INDICATE IN THE SALES
INVOICES THE RATE OF TAX TO WHICH
THE ARTICLES SOLD HAD BEEN
SUBJECTED. In case of a sale or transfer in
the amount of P50 or more, the invoice shall
also show the name, or style, if any, the
business address of the purchaser, and the
number, date, and place of issue of his
residence certificate. In the case of other
invoices, THE INVOICE MUST show the date,
the description of the articles or the nature of
the service, the consideration paid therefor,
and the name, address, and residence
certificate of the person furnishing the articles
or rendering the service. The residence
certificate need not appear in the invoice
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when the other party to the transaction is a

corporation or a registered partnership or
association19."
"
SECTION 16. Freight Stub Receipts
and Passage Tickets Required of Common
Carriers. — Common carriers, transportation
contractors, and other persons subject to tax
under Section 192 of the National Internal
Revenue Code shall use freight stub receipts
and passage tickets in duplicate to be printed
in accordance with such form as the Public
Service Commission may, from time to time
prescribe. In issuing the freight stub receipt,
the carrier or his agent shall enter in both the
original and the duplicate the name and
address of the carrier, the date of issue, the
name and address of the consignee, a
description of the goods shipped with a
statement of their weight or quantity, the place
19 As amended by Rev. Reg. No. 4-65, dated Jan. 22, 1965.
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of delivery to the carrier and the destination of

the goods, the route to be followed, the date
of shipment, and the amount of freightage.
Every receipt issued must be signed by the
carrier or his authorized agent. Passage
tickets shall also be in duplicate and must
show the points of embarkation and
destination and the amount of charges. The
original must be delivered to the passenger or
the shipper, and the duplicate retained by the
carrier for record purposes and preserve for a
period of five years from the date of issue.
However, passage tickets may not be issued
in duplicate if common carriers employ the
services of inspectors or car auditors, etc. to
check and supervise the issuance of the
passage tickets by their conductors and if they
keep in their office daily record of the number
of tickets issued to every conductor as well as
the number of tickets returned by each
conductor after each trip or day's work.
44 of 80
"
SECTION 17. Admission Tickets and
Other Records to be Issued or Kept by
Persons Subject to Amusement Tax. — In
the case of amusement or business places
where fees or cover charges are required to
be paid for admission, the proprietor, lessee or
operator shall provide himself with tickets
which shall evidence payment of fees or cover
charges. The tickets shall be serially
numbered and shall indicate the name of the
place of amusement or business and the fees
or cover charges. The serial number of each
ticket and the admission fee or cover charge
shall be printed on the ticket twice that when
the ticket is divided into two upon being
presented for admission both the serial
number and the price shall appear on both
parts.
Before the proprietor, lessee or operator
of the place of amusement or business orders
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tickets for printing he shall first send to the

Commissioner of Internal Revenue, if the
business is located in Manila, or to the
provincial revenue agent or deputy provincial
or city treasurer, if in the province, a written
notice stating the name and address of the
printer with whom he intends to place the
order, the classes of tickets, the inclusive
serial numbers, the admission fee or cover
charge, and the total number of each class of
tickets. The proprietor, lessee, or operator
shall keep for record purposes the invoice or
receipt issued by the printer covering the
order.
Before being used, the tickets shall first
be presented to the Commissioner of Internal
Revenue, if the place of amusement or
business is located in Manila, or to the
provincial revenue agent or deputy provincial
or city treasurer, if in the province, for approval
and registration. The said officers shall keep a
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register of tickets in the form of a ledger, such

that each place of amusement or business
shall have a separate account or record for
the purpose of entering therein all the tickets
presented for approval and registration,
indicating the date of registration, the classes
of tickets, and the admission prices, the
inclusive serial numbers, and the number of
tickets of each class. The proprietor, lessee or
operator of the place of amusement or
business shall likewise keep a true and
correct record of his stock of tickets, indicating
the total number of registered and
unregistered tickets, and of the registered
tickets, how much has been sold from day to
day.
All such proprietors, lessees, or
operators shall prepare monthly statements of
the daily box receipts from admission fees or
cover charges, showing the total number of
each particular class of tickets sold, the unit
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price of each class and the total amount

collected, duly signed by the proprietor,
lessee, or operator, or by manager. The said
statements shall be submitted to the
place of amusement or business is in Manila,
or to the deputy provincial or city treasurer, if
in the province, not later than the 10th day of
each month as regards the gross receipts for
the preceding month. Duplicate copies of the
said statements shall be kept by the proprietor
or operator at the box office as part of his
accounting system and the same shall be
preserved in the same manner as the books
of accounts and other records.
Other persons subject to tax under
Section 260 of the National Revenue Code
shall keep true and correct records of their
gross receipts. In case any of the records and
registers hereinbefore mentioned are not
appropriate for their business, they shall
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devise a system for recording their receipts

appropriate for their business and submit the
same, before they are used, to the
place of business or amusement is in Manila,
or to the provincial revenue agent or city or
deputy provincial treasurer, if in the province,
for registration and approval.
"
CHAPTER V.
General Administrative Provisions
“All such corporations, companies,
partnerships, or persons shall keep the books
or records mentioned in Section 334 hereof, in
a native language, English, or Spanish:
Provided, however, That if in addition to said
books or records the taxpayer keeps other
books or records in a language other than a
native language, English, or Spanish, he shall
make a true and complete translation of all the
entries in such other books of accounts into a
49 of 80
native language, English, or Spanish, the said

translation must be made by the bookkeeper
or such taxpayer, or, in his absence, by his
manager and must be certified under oath as
to its correctness by the said bookkeeper or
manager, and shall form an integral part of the
books of accounts aforesaid. The keeping of
such books or records in any language other
than a native language, English, or Spanish, is
hereby prohibited.20”
“All the books of accounts, including the
subsidiary books, and other accounting
records such corporations, companies,
partnership, or persons shall be preserved by
them for a period of at least five years from
the date of the last entry in each book and
shall be subject to examination and inspection
at any time by internal-revenue officers;
Provided, That all corporations, companies,
20 Sec. 336, Commonwealth Act No. 466, as amended by Sec 12. Rep.
Act No. 48; Sec. 1, Rep Act No. 445.
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partnerships, or persons who retire from

business shall within ten days from the date of
such retirement or within such period of time
as may be allowed by the Commissioner of
Internal Revenue in special cases, submit
their books of accounts, including the
subsidiary books, and other accounting
records, to the Commissioner of Internal
Revenue or any of his deputies for
examinations, after which they shall be
returned.21”
"
SECTION 18. LANGUAGE TO BE
USED IN KEEPING BOOKS OF ACCOUNTS
AND SUPPORTING PA P E R S ;
TRANSLATION OF ENTRIES IN OTHER
BOOKS AND RECORDS. - The books and
records prescribed in Section 334 of the
National Internal Revenue Code shall be kept
in a native language, English, or Spanish.
21 Sec. 337, Commonwealth Act No 466
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The vouchers and other supporting papers

and documents, being part of the accounting
system shall, likewise be kept in a native
language, English, or Spanish. However,
persons who keep other books in addition to
the books and records prescribed in this
Section 334 of the Tax Code in a language
other than a native language, English, or
Spanish, shall, within ten days from the date
of the transaction make a true and complete
translation thereof into a native language,
English, or Spanish, the said translation to
form an integral part of such books, register
and records.
Translation shall be made in a neat and
legible manner in ink or indelible pencil, either
on the same page of the books, registers or
records, opposite or below such entry or on a
separate page opposite the page to be
translated. The taxpayer, or his bookkeeper
or manager, shall certify to the correctness of
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the translation of the entries in the books,

register or record by executing, within ten
days after each book has been filled or its use
completed, a certificate to be sworn to before
a notary public r an internal-revenue officer
authorized to administer oaths. The certificate
shall be placed immediately following the
translation of the last entry on the last page of
each book and shall be substantially in the
following form:
"
"
53 of 80
C E R T I F I CAT E O F C O R R E C T N E S S
I hereby certify that the foregoing
translation is a true and complete translation
of all the entries contained in this
________________________________
covering the period from ___________ to
_________________________, 19______
________________________________
(Owner, Bookkeeper, or Manager)
"
“Subscribed and sworn to before me at
__________________ Philippine, on this
__________ day of ___________ 19____.
Affiant exhibited to me his Residence Tax
Certificate No. ________________, issued at
__________ on ___________, 19____
"
__________________________
(Internal Revenue Agent or Notary Public) 
54 of 80
SECTION 19. PRIOR APPROVAL

AND REGISTRATION OF BOOKS OF
ACCOUNTS, REGISTERS, RECORDS,
INVOICES AND RECEIPTS. - Persons
required to keep books of accounts, internal
revenue books, records of receipts and
disbursements, additional registers and other
records, invoices and receipts for recording
their transactions as prescribed in these
regulations, shall before using any of
aforesaid books, records, registers, invoices
and receipts first present them to the
place of business is in Manila, or to the
provincial revenue officer or to the deputy
provincial or city treasurer, if in the province,
for approval and registration. A register book
for every book, register, or record which has
been approved shall be kept showing such
information as the date of approval; the name
and address of the taxpayer; his citizenship;
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the number of the alien registration certificate

or landing certificate, if an alien; the kind of
business and the schedule, paragraph and
number of privilege tax receipt issued for the
business, if any, and the kind, volume, number
of pages or sheets of the book, register or
record. Every book, register or record so
approved and registered shall be serially
numbered for each taxpayer.
A draft copy of invoices and receipts
proposed to be used by the persons required
to keep books of accounts and records
prescribed by these regulations shall first be
presented to the Commissioner of Internal
Revenue, if the place of business is in Manila,
or to the provincial revenue officer or the
deputy provincial or city treasurer. If in the
province, for approval. All approved draft
copies of invoices and receipts shall be
recorded in a register showing such data as
the date of approval; the name, address, and
56 of 80
the kind of business of the taxpayer; the

schedule, paragraph, and number of his
privilege tax receipt. No change shall be
made in the form or type of invoices or
receipts shall be used by said person without
prior approval as required herein. Every
invoice or receipt must be serially numbered.
Before ordering invoices or receipts for
printing, a taxpayer shall send to the
Commissioner of Internal Revenue if his place
of business is in Manila, or to the provincial
revenue officer or city deputy provincial
treasurer, if in the province, a written notice of
the name and address of the printer with
whom he intends to place the order, and the
total number of booklets and the inclusive
serial number of the invoices or receipts
ordered.
Before any book, register, or record is
presented for registration there shall be
placed on the front cover by the owner thereof
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an identification as to the kind of book,

register, or record, the name and business
address of the owner, citizenship, the number
of the alien registration certificate or landing
certificate, if an alien, the kind of business
engaged in, and the schedule, paragraph, and
number of the privilege tax receipt issued for
the business, serially numbered in a
permanent and legible manner. If a book,
register, or record is approved, the following
authentication shall be made by approving
officer on the reverse side of the first cover
thereof:
“This _______________________,
Volume No. ________________________
with _______ pages or sheets, is approved on
this __________________ day of
_________________ 19_______, for
purposes of Revenue Regulation No. ______
______________________________
(Signature)
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If the book, register, or record presented for

approval is a continuation of provisions books,
registers, or records, besides the foregoing
authentication, the following notations shall be
added to the authentication:
“Volume No. _______ of this ______
was approved on the _____ day of _______
19 ____.
"
______________________________
(Signature)
"
______________________________
(Designation of Officer)
In the case of invoices and receipts, the
approval shall be indicated by an appropriate
stamp placed in the front cover, on the back of
the middle page and on the back page of the
last invoice or receipt of the booklet or pad
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approved, together with the signature of the

officer authorized to approve the same22.
"
SECTION 20. INSPECTION OF
BOOKS, REGISTERS AND RECORDS. – All
books, registers and other records, and
vouchers and other supporting papers
required by these regulations shall be kept at
all times at the place of business of the
taxpayer, subject to inspection of any internal
revenue officer, and upon demand, the same
must be immediately produced and submitted
for inspection. When required by inspecting
officers, the owner, bookkeeper, or manager
shall give the necessary explanations
regarding the items in the entries contained in
the said books, registers and records. In the
case of a branch store, or where the
controlling books are kept in a place other
22 As amended by Sec. 1 Rev Reg. No V-35 and by Sec. 1 Rev Reg.

No. V-45
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than the business establishment, such books

and records as would clearly reflect all the
transactions effected therein. When the
books, register, record and other papers are
needed by an internal revenue officer for
examination outside of the taxpayer’s place of
business, the said officer shall issue a receipt
therefor on the required internal revenue form.
After making the inspection or examination of
the said books, registers, records and other
papers, the Internal Revenue Officer shall
inform the taxpayer that he will receive a
confirmation of the investigation within thirty
(30) days upon termination of the investigation
from the revenue office who authorized the
investigation in accordance with the following
form:
"
"
"
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Annex C
LETTER OF CONFIRMATION No. _____
____________________
"
(Name of Taxpayer)
(Address)
"
Sir/Madam/Gentlemen:
With reference to our letter of Authority
No. __________________- addressed to you
________________________, please be
informed that the results of the investigation
conducted by Revenue Examiner
______________________ of your tax
liability/liabilities for the year(s) period
_______________ the findings are:
Discrepancies __________________
Deficiency Tax(es) Due __________________
62 of 80
The above findings are subject to review

and final approval by the proper officer of this
Bureau.
Very truly yours,
_____________________
(Head of Office)
"
To be signed by CME, CMA, PRO, Asst.
PBO (For province of Rizal only), Chief of
Regional Investigating Branches, or Chief of
National Office Divisions, as the case may be.
IMPORTANT: This letter of confirmation
should be pasted on the inside cover of the
ledger for the year(s) investigated.
“In this confirmation letter, the taxpayer
shall be informed that the corresponding
report of investigation of his tax liability
has been submitted and that the
recommendation of the investigating
Internal Revenue Officer is under
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consideration by the Revenue Office

concerned. The taxpayer upon receipt
of the confirmation letter shall paste the
said letter on the inside cover of the
ledger for the year or years investigated.
The confirmation letter shall be prepared
in triplicate and numbered consecutively.
The original shall be sent to the
taxpayer, the duplicate shall be attached
to the report of the investigating Internal
Revenue Officer and the triplicate shall
be retained as the file copy23.”
"
SECTION 21. PRESERVATION OF
BOOKS OF ACCOUNTS AND OTHER
RECORDS. – All the books, registers,
records, vouchers, and other supporting paper
and documents prescribed in these
regulations, and other records kept by
taxpayers at their option, shall be preserved
23 As amended by Rev. Reg. No. V-77
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intact, unaltered, an unmutilated for at least

five years from the date of the last entry in
each book or from the date of the last
transaction and the same shall be kept at all
times in the place of business of the taxpayer
who shall produce them for examination or
deliver the same or any of them for inspection
outside of his place of business upon demand
of any internal-revenue officer.
"
SECTION 22. SUBMISSION OF
BOOKS AND RECORDS UPON
RETIREMENT. – All taxpayers required by
these regulations to keep books of accounts
or other records who retire from business or
cease to pursue their calling shall, within ten
(10) days from the date of such retirement, or
within such period of time as may be allowed
by the Commissioner of Internal Revenue in
special cases upon application therefor in
writing, submit their books of accounts and
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other records pertaining to their business,

including the translation thereof, to the city
treasurer or the deputy provincial treasurer
(now Collection Agents) for examination. The
city treasurer or the deputy provincial
treasurer shall keep all such books and
records in a secure place an notify the
corresponding provincial revenue agent of the
receipt hereof within forty-eight hours after the
receipt of such books and other records. An
examination of such books of accounts and
records shall be conducted immediately by an
internal-revenue officer to ascertain if all the
taxes due from the taxpayer have been paid.
"
SECTION 23. RETURN OF BOOKS
AND RECORDS. – The books of accounts
and other records mentioned in the preceding
section shall not be returned until after the
taxes, charges and penalties found to be due,
if any, shall have been paid unless authority to
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do so shall have been first secured from the

Commissioner of Internal Revenue.
Furthermore, in case a violation of provision of
the internal revenue laws or regulations has
been committed by a taxpayer and said books
of accounts and records are served the
purpose for which they were taken or
submitted Commissioner of Internal Revenue
shall notify the taxpayer or representative to
get the books and other records. If the books
and other records are not taken by the
taxpayer or by his representative the same
shall be destroyed by the Commissioner of
Internal Revenue within six months from the
date of such notice. Books held by internal-
revenue officers for examination in the
provinces shall be destroyed by the provincial
revenue agents only upon previous authority
of the Commissioner of Internal Revenue.
"
"
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CHAPTER VI. – General Penal Provisions

“A person who violates any provisions of
this Code or any regulation of the Department
of Finance made in conformity with the same,
for which delinquency no specific penalty is
provided law, shall be punished by a fine of
not more than three hundred pesos or by
imprisonment for not more than six months, or
both24.”
“Any person who knowingly shall make
a false entry or enter false or fictitious name in
the books or records mentioned in Sections
334 and 335 of this Code or who shall abet or
aid, if any, manner in the making or writing
thereof, shall be fined in the sum of not less
than five hundred pesos or more than five
thousand pesos or imprisoned for a term of
not less than six months and one day nor
more than five years, or both.
24 Sec. 352, Commonwealth Act No. 466.
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“Any person who fails to keep the books

or records mentioned in Section 334 in a
native language, English, or Spanish, or to
make a true and complete translation as
required in Section 336 of this Code, or whose
books or records kept in a native language,
English, or Spanish, are found to be at
material variance with books or records kept
by him in another language, shall be fined in a
sum of not less than two thousand pesos nor
more than ten thousand pesos or imprisoned
for a term of not less than two years or
both25.”
SECTION 24. PENALTY FOR MAKING
FALSE ENTRIES OR WRITING FALSE OR
FICTITIOUS NAMES IN BOOKS OR
RECORDS. – Any person who knowingly
makes any false entry or writes any false or
fictitious name in his books of accounts or
25 Sec. 335, Commonwealth Act No. 466, as amended by sec. 13, Rep.
Reg. Act No. 48
69 of 80
other records, or who abets or aids in the

making or writing thereof, is punishable under
Section 355 of the National Internal Revenue
Code by a fine of not less than P500.00 nor
more than P5,000.00 or by imprisonment of
not less than six months and one day nor
more than five years, or both.
In order to obviate the possibility of
entering false or fictitious name in their books,
taxpayers should require persons to whom
they have transactions which should be
entered in their books exhibit their residence
certificates, if subject thereto, and take note of
their number and the date and place of issue.
A person who fails to keep the books or
records mentioned in Section 334 of the
National Internal Revenue Code in native
language, English, or Spanish, or to make a
true and complete translation of books kept in
other languages into a native language,
English, or Spanish, are at material variance
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with books or records kept by him in another

language, is liable to a fine of not less than
P2,000.00 nor more than P10,000.00, or
imprisonment for not less than two years nor
more than six years, or both.
"
S E C T I O N 2 5 . P E N A LT Y F O R
VIOLATION OF OTHER PROVISIONS OF
THESE REGULATIONS. - Any person who
shall violate any provisions of these
regulations for which violation the National
Internal Revenue Code or any other law does
not provide any specific penalty shall be
penalized, under section 352 of the aforesaid
Code, by a fine of not less than P300 or by
imprisonment of not more than six months, or
both.
"
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SECTION 26. REPEALING

PROVISIONS: - Regulations Nos.34, 48, 58
84, 91, 101, 105 and 108 of the Department of
Finance and other regulations inconsistent
herewith are hereby repealed.
"
SECTION 27. DATE OF EFFECTIVITY:
– These regulations shall take effect upon
their promulgation in the OFFICIAL
GAZETTE.
" No Franchise fee*
Tax Accounting Bookkeepers

 
No Franchise fee*
CPA On Demand
No Franchise fee*
Tax Consulting Officers
No Franchise fee*
General Business Agents

*Subject to change without notice/obligation

72 of 80
“A”- Explanatory note for the RECORD OF

DAILY SALES AND CASH RECEIPTS
(Form No. 1, Appendix I)
"
All transactions concerning SALES and
SERVICES RENDERED and MONIES
RECEIVED, including those received as
investment and other income, shall be entered
in this Record. The amount of every
transaction shall be entered under two money
columns, first under a column on the left side
of “Explanation,” second under a column on
the right side. The total of the columns in the
left side must equal the total of the columns
on the right side
DATE – corresponds to the date of the
transaction.
EXPLANATION – refer to a brief
statement of the nature of the transaction,
such as total cash sales, credit sale with the
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name of the customer, other income, payment

for previous credit sale with the name of the
customer and any other explanation which
may be necessary.
INVESTMENT IN CASH shall be
entered first under “Cash Received” and
second under “Other Credits.”
CASH SALES for the day shall be enter
in total only, first under “Cash Received” and
the second under “Sales” classified according
to privilege tax receipt.
CREDIT SALES shall be entered
individually, by invoice if sales invoices are
issued therefore, first under “Due from
Customers” and second under “Sales”
classified according to privilege tax receipt.
SERVICE RENDERED and OTHER
INCOME – by total for the day – shall be
entered first under “Cash Received” and
second under “Other Credits.”
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PAYMENTS FOR PREVIOUS CREDIT

SALES shall be entered individually first under
“Cash Received” and second under “Received
for Credit Sales.”
The columns designed on this form may
be increased into such number as the needs
of each particular business may require.
Form
No. 1 Appendix I
RECORD OF DAILY SALES AND CASH RECEIPTS
Due Sales
Cas fro
h m Receiv
Rec Cus ed for
D eiv tom Credit Other
at ed ers (3- (3- (3- Sales Credit
e (1) (2) EXPLANATION a) b) c) (4) s (5)
T
O
TA
L
75 of 80
“B”- Explanatory note for the RECORD OF

DAILY PURCHASES, EXPENSES AND
CASH DISBURSEMENTS SALES AND
CASH RECEIPTS
(Form No. 2, Appendix II)
"
All transactions concerning
PURCHASES, EXPENSES and MONIES
disbursed, including those for payments for
previous purchases on credit and as
investment, shall be entered in this Record.
The amount of every transaction shall be
entered under two money columns, first under
a column on the left side of “Explanation,”
second under a column on the right side. The
total of the columns in the left side must equal
the total of the columns on the right side
DATE – corresponds to the date of the
transaction.
76 of 80
EXPLANATION – refer to a brief

statement of the nature of the transaction,
such as total purchases, without invoices,
purchases on credit sale with the name of the
creditor, payment for previous purchases on
credit with the name of the creditor, nature of
the expenses incurred, withdrawal of
investment and any other explanation which
may be necessary.
WITHDRAWAL OF CASH
INVESTMENT shall be entered first under
“Cash Disbursed, second under “Other
Debits.”
CASH PURCHASES without invoices or
receipts for the days shall be entered by the
total first under “Cash Disbursed”, second
under “Purchases”, classified according to
privilege tax receipt.
PURCHASES ON CREDIT shall be
entered individually, first under “Payable to
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Creditors”, second under “Purchases”,

classified according to privilege tax receipt.
EXPENSES shall be classified and
entered by the classification indicated under
“Explanation” first under “Cash Disbursed”,
second under “Expenses”.
PAY M E N T S F O R P R E V I O U S
PURCHASES ON CREDIT shall be entered
first under “Cash Disbursed”, second under
“Payment to Creditors.”
OTHER DISBURSEMENTS shall be
entered first under “Cash Disbursed,” second
under “Other Debits.”
The columns designed on this form may
be increased into such number as the needs
of each particular business may require.
"
"
"
78 of 80
Appendi
Form No. 2 x II
RECORD OF DAILY PURCHASES, EXPENSES AND CASH

DISBURSEMENTS
For the month of _________________,

19_____
Ca Purchases Pay
sh ment
Dis s to Exp
bur Cre Credi ense
Dat sed ditor EXPLANATIO (8- (8- (8- tors s Other
e (6) s (7) N a) b) c) (9) (10) Debits
TO
TA
L
No Franchise Fee…"
1. Tax Accounting Bookkeepers"
2. Tax Consulting Officers"
3. General Business Agents"
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BookkeepingRegulationsRRV 1

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BookkeepingRegulationsRRV 1

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Darating din ang panahon na ikaw, Taxpayer

Republic of the Philippines

relative to the keeping of books of accounts,

"Journal" is a book of original entry in

should be regularly bound, and may be

business or professional relationship which

2 As amended by Sec. 1, Rev. Reg. No. V-20.

Books of Accounts audited and examined

3Sec. 334, National Internal Revenue Code, as amended by Sec. 2,

or their equivalents, and shall contain all

proper vouchers. The general journal shall be

made in the ledger or its equivalents unless

of bookkeeping records recommended by the

4 As amended by Sec. 3, Rev. Reg. No. V-13

time of the publication of these regulations

6 Added by Sec. 1, Rev. Reg. No. 5-62.

The simplified sets of bookkeeping

8 Added by Sec. 1, Rev. Reg. No. 5-62.

that fact shall be noted in the said record

9 As amended by Sec. 4, Rev. Reg. No. V-13

transferred to the corresponding columns in

11As amended by Sec. 4, Rev. Reg. No. V-13.

SECTION 7. Records of Receipts and

pencil in a neat and legible manner, and the

embrace an examination of the accounting for

substantially with the form prescribed in Annex

13 Added by Sec. 1, Rev. Reg. No. V-58.

needs of their business may require and such

kind and quantity of raw materials received,

business, provided that the system adopted

receipts and invoices prescribed in Revenue

16 Repealed by implication by Republic Act No. 3704. Operators or

payment, if any; and upon completion and

for his business he may devise such system

agreement had with their customers, showing

corresponding file copies of the contracts.

Revenue, if the place of business is in Manila,

preserved by the persons subject to tax, also

of receipts. If the gross sales or receipts of a

the service. In case an invoice or a receipt is

person from compliance with these

18 Amended by Rev. Reg. No. 4-65, dated Jan. 22, 1965

"Where the transaction is required to be

AND THE NUMBER, DATE, AND KIND OF

when the other party to the transaction is a

19 As amended by Rev. Reg. No. 4-65, dated Jan. 22, 1965.

of delivery to the carrier and the destination of

tickets for printing he shall first send to the

register of tickets in the form of a ledger, such

price of each class and the total amount

devise a system for recording their receipts

native language, English, or Spanish, the said

partnerships, or persons who retire from

The vouchers and other supporting papers

the translation of the entries in the books,

SECTION 19. PRIOR APPROVAL

the number of the alien registration certificate

the kind of business of the taxpayer; the

an identification as to the kind of book,

If the book, register, or record presented for

approved, together with the signature of the

22 As amended by Sec. 1 Rev Reg. No V-35 and by Sec. 1 Rev Reg.