ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 658 - AN ACT TO
AMEND SECTION THREE HUNDRED AND THIRTY-FOUR OF COMMONWEALTH ACT
NUMBERED FOUR HUNDRED AND SIXTY-SIX, KNOWN AS THE NATIONAL INTERNAL
REVENUE CODE, AS AMENDED BY REPUBLIC ACT NUMBERED FOUR HUNDRED AND
THIRTY-EIGHT |
Section 1.
Section three hundred and thirty-four of Commonwealth Act Numbered Four
hundred and sixty-six, otherwise known as the National Internal Revenue
Code, as amended by Republic Act Numbered Four hundred and
thirty-eight, is hereby further amended to read as follows:
"Sec. 334.
Corporations, companies, partnership, or persons required to keep books
of accounts. — 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 anytime 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 Books of Accounts audited and examined
yearly by Independent Certified Public Accountants and their income tax
returns accompanied with certified balance sheets, profit and loss
statements, schedules listing income-producing properties and the
corresponding incomes therefrom and other relevant statements." Approved: June 16, 1951 |
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