BIR Ruling

November 19, 1971 2nd Indorsement Respectfully returned to the Assistant to the Commissioner the draft of the proposed revised bookkeeping regulations with our observations indicated below. 1. Definition of "independent certified public accountant" should now be as defined by the Board of Accountancy. (Sec. 334(B), Tax Code) 2. The breaking up of section 8 into 8-A(1) and 8-A(2) appears improper. Section 8-A(1) can be made 9 and 8-A(2), 10. Subsequent section numbers should be changed correspondingly. 3. Processors of pineapple, coconut oil mills, cassava mills and sugar refineries should be included in section 10. 4. Lending investors may now also be included in Section 12. 5. In section 11, approval of special register book should now be by Revenue District Officer. 6. Page 11. The following should be deleted. "Sec. 2. Section 15 of Revenue Regulations No. V-1, the Bookkeeping Regulations, is hereby amended to read as follows:" 7. Lines 4 to 9 in page 12 appear to be out of place besides being extraneous. 8. Sec. 20. Provision on confirmation letter should be removed. It is extraneous to the subject. 9. Sec. 22. Submission of books to the treasurer should now be collection agent. aisa dc PRISCILLA R. GONZALES Revenue Operations Head (Legal )