Sellers of Meat are Required to Keep Books of Accounts

April 28, 1960 BIR RULING NO. 266-60 Mr. Aurelio Gabato 450-D General Maxilom Street Cebu City S i r : In answer to your query on whether sellers of meat are required to keep books of accounts, please be informed as follows: While it is true that Filipinos who sell meat in public markets are exempt from the fixed and sales taxes, they are, however, subject to the income tax. They should therefore keep and use the journal and the ledger or their equivalents wherein their business transactions should be duly recorded. However, if their gross quarterly sales, earnings, receipts or output do not exceed P5,000, they should, unless they use the journal and ledger, use the simplified set of Bookkeeping Records. (Sec. 334, Tax Code; Rev. Regulations No. V-1, as amended). casia Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue