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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.



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Republic Acts :

REPUBLIC ACTS

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REPUBLIC ACT NO. 438
REPUBLIC ACT NO. 438  - AN ACT TO AMEND PARAGRAPH (a) OF SECTION TWO HUNDRED ONE AND SECTION THREE HUNDRED THIRTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, AS AMENDED, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE




Section 1.    Paragraph (a) of section two hundred one of Commonwealth Act Numbered Four hundred sixty-six, known as the National Internal Revenue Code, is hereby amended to read as follows:  

"Sec. 210.    (a) Lawyers, medical practitioners, land surveyors, architects, certified public accountants, civil, electrical, chemical, mechanical or mining engineers, insurance agents and sub-agents, veterinarians, dental surgeons, opticians, professional appraisers or connoisseurs of tobacco and other domestic or foreign products, licensed ship masters, and marine chief engineers, fifty pesos."

Sec. 2.    Section three hundred thirty-four of Commonwealth Act Numbered Four hundred sixty-six, known as the National Internal Revenue Code, is hereby amended to read as follows:

"Sec. 334.    Corporations, companies, partnerships or persons required to keep journal and ledger. — 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 recommended by the Collector of Internal Revenue and approved by the Secretary of Finance."  

Sec. 3.    This Act shall take effect upon its approval.

Approved: June 7, 1950

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