Separate Account for Specific Articles Purchased and Sold

July 28, 1959 BIR RULING NO. 375-59 Mr. Oscar Ja. Amador Masbate, Masbate S i r : In answer to the queries contained in your letter dated January 30, 1959, I have the honor to inform you as follows: Notwithstanding the provisions of section 5 of Revenue Regulations No. V-62, a person engaged in the sale by wholesale of articles subject to specific tax who sells or deals simultaneously with other articles net subject to said tax in one and the same establishment need not keep a separate record or book of accounts for recording the disposition made of the articles subject to specific tax, provided that, as stated in your letter, a separate account for specific articles purchased and sold is maintained in the book kept by him. For purposes of the graduated annual fixed tax, sales of cigars and cigarettes, whether by wholesale or at retail, are not considered, such business being subject to a different fixed tax. In order to comply with Revenue Regulations No. V-62, it is enough that the separate account contains entries regarding the sales, deliveries, exchanges, or barters of the articles subject to specific tax. cdll Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue