Amendment to Revenue Regulations No. V-1, otherwise known as the "Bookkeeping Regulations"

September 25, 1987 REVENUE REGULATIONS NO. 07-87 SUBJECT : Amendment to Revenue Regulations No. V-1, Otherwise Known as the "Bookkeeping Regulations" TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant to Section 277 in relation to Sec. 4 of the National Internal Revenue Code of 1977 as amended, the following regulations amending Chapter III (entitled "Other Books and Records") of Revenue Regulations No. V-1, otherwise known as the "Bookkeeping Regulations" are hereby promulgated. SECTION 2 . Amendment . There is hereby added a new provision after Section 9 of the aforementioned Regulations to be known as Sec. 9-A, which shall read, as follows: cd i "Sec. 9-A. Register Book to be kept by professionals . Professionals engaged in the practice of their professions, whether individually or collectively, (except hospitals) including partnerships and other persons exercising a common profession, shall in addition to the books and other records prescribed in Chapter II of these Regulations, keep and maintain a Register Book in which shall be entered immediately upon acceptance of the client or patient, the following information and data: (1) Name and address of client or patient; (2) date and time of arrival; (3) the amount of professional fee or other consideration received therefor; and (4) number and date of the receipt or receipts issued covering said payment. "Such Register Book shall conform substantially with the form prescribed in Form "D" of the Appendix and shall comply with all the requirements on prior approval and registration of books of accounts, registers and records prescribed in Sec. 19 of these Regulations and shall be subject to inspection or examination as authorized in Sec. 20 of the aforementioned Regulations. "For purposes of the above provisions, the term "professional" means any person who has been duly licensed to practice his profession by the Professional Regulation Commission or one who has been admitted to the practice of law in the Philippines if such person receives professional fees for his services. "The term also includes any person who is engaged in the practice of a profession whether or not he is licensed, authorized, or qualified to engage therein if, as in the case of those duly licensed, he also receives professional fees." aisa dc SECTION 3 . Repealing Clause . All regulations, circulars, rules or orders or portions thereof contrary to or inconsistent with the provisions of these regulations are hereby modified and/or repealed accordingly. SECTION 4 . Effectivity . These regulations shall take effect upon approval. (Sgd.) VICENTE R. JAYME Secretary of Finance Recommended by: (Sgd.) Victor A. Deoferio, Jr. Deputy Commissioner (Officer-in-Charge)