BIR Ruling No. 423-61

October 6, 1961 BIR RULING NO. 423-61 Mr. Francisco Boix 420 Barbosa, Quiapo Manila S i r : Reference is made to your letter dated August 31, 1961, requesting a ruling whether or not you have to keep two sets of books of accounts, one in Manila (head office) and another in Masbate where your cattle ranch is located. cdt In reply thereto, I have the honor to inform you that, pursuant to Section 20 of Revenue Regulations No. V-1, otherwise known as the Bookkeeping Regulations, where a taxpayer, aside from his main establishment, maintains a branch establishment, there shall be kept in the latter such books and records as will clearly reflect all the transactions effected therein. Accordingly, if transactions are effected in your ranch, it is necessary for you to keep therein the books and records required by Section 20 of the Bookkeeping Regulations; otherwise, there is no necessity for keeping those books and records. Your books of accounts must necessarily have to be kept in Manila, because your main office is located thereat. cdti Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue