Amendments to Section 5, Revenue Regulations No. V-1, as Amended

July 9, 1962 REVENUE REGULATIONS NO. 05-62 SUBJECT : Amendments to Section 5, Revenue Regulations No. V-1, or the Bookkeeping Regulations, as Amended by Revenue Regulations No. V-13, Regarding the Use of Simplified Sets of Bookkeeping Records Specifically Assigned and Designated for the Use of a Definite Class of Trade or Business TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, the following amendments to section 5 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, as amended by Revenue Regulations No. V-13, are hereby promulgated for the information and guidance of all concerned and shall be known as Revenue Regulations No. 5-62. casia SECTION 1. Section 5 of Revenue Regulations No. V-1, as amended by Revenue Regulations No. V-13, is hereby further amended by adding thereto the following final paragraphs: "Simplified sets of bookkeeping records previously authorized under Revenue Regulations No. V-13 which are not specifically assigned and designated for use of a definite class of trade or business and for which specific sets of bookkeeping records have been prepared in accordance with and authorized under Revenue Regulations No. V-43 shall no longer be used. All persons commencing business after the publication of this regulation shall use the simplified sets provided for in this regulations (Revenue Regulations No. V-43). However, persons already engaged in business at the time of the publication of this regulations may continue using their simplified sets of bookkeeping records authorized under Revenue Regulations No. V-13 until December 31, 1962. Thereafter, beginning January 1, 1963, only such forms of simplified sets of bookkeeping records approved and authorized for use in particular line of businesses or trade under Revenue Regulations No. V-43, are allowed to be used. "A trade or business for which no specific form has as yet been approved pursuant to Revenue Regulations No. V-43 may be use a simplified set of bookkeeping records approved under Revenue Regulations No. V-13 until such time when a specific set therefor has been approved under the latter regulations. "The simplified sets of bookkeeping records enumerated in Annex "A" hereof are the only one so far approved by the Secretary of Finance in accordance with Revenue Regulations No. V-43." SECTION 2. This regulations shall take effect upon promulgation in the Official Gazette. cd JOSE B. LINGAD Acting Commissioner of Internal Revenue APPROVED: RODRIGO D. PEREZ, JR. Acting Secretary of Finance ATTACHMENT October 5, 1962 The Director Bureau of Printing M a n i l a S i r : I have the honor to enclose herewith Revenue Regulations Nos. 5-62 and 6-62 dated July 9, 1962 and July 19, 1962, respectively, with the request that said Regulations be published in the Official Gazette. Payment will be made on your bill upon its receipt by this Office. Very truly yours, MISAEL P. VERA Deputy Commissioner of Internal Revenue ANNEX A 1. 15-Minute Simplified Bookkeeping Records (Sari-sari) 2. Drugstore Simplified Bookkeeping Records 3. Farmer's Simplified Account & Tax Record 4. Professional's Simplified Accounts & Tax Record 5. General Business Simplified Accounts & Tax Record (Retail and Wholesale) 6. P. U. Operator's Simplified Accounts & Tax Records (Common carriers, Electric and Ice Plants) 7. Gasoline Service Station Simplified Accounts & Tax Record 8. Rice-Corn Mill Simplified Accounts & Tax Records including Mill Office Record 9. Restaurant-Hotel Simplified Accounts & Tax Records 10. Dressmaker-Milliner-Embroiderer's & Tailor's Simplified Accounts & Tax Record 11. Beauty Parlor & Barber Shop's Simplified Accounts & Tax Records 12. Manufacturer's Simplified Accounts & Tax Record 13. Poultry-Livestock Accounts & Tax Record 14. Fishermen's-Fishponds' Accounts & Tax Record. 15. Brokers' and Dealers' Simplified Accounts and Tax Record. aisadc