BIR Ruling No. 017-63

March 7, 1963 BIR RULING NO. 017-63 Mr. Angel Young Siasi, Sulu S i r : In answer to your letter dated December 14, 1962, I have the honor to inform you that while Section 334 of the Tax Code, as implemented by Revenue Regulations No. V-1 (Bookkeeping Regulations) and its amendatory regulations, requires a taxpayer whose gross quarterly sales, receipts, earnings or output do not exceed P5,000 to use a simplified set of bookkeeping records, nevertheless such requirement is not mandatory. The taxpayer may at his option, use instead a journal and a ledger, or their equivalents. llcd In this connection, it may be stated that this Office has been authorized by the Secretary of Finance to allow taxpayers in places where the simplified sets of bookkeeping records mentioned in Annex "A" of Revenue Regulations No. 5-62 are not available, or are sold at prices exceeding P1.00 per copy, to continue using during the current year those previously approved in accordance with Revenue Regulations No. V-13. Very truly yours, (SGD.) JOSE B. LINGAD Acting Commissioner of Internal Revenue The above ruling was duly signed by the Acting Commissioner of Internal Revenue on March 7, 1963. LibLex (SGD.) P. F. LANDAS Revenue Operations Head (Legal)