Registration of Books of Accounts

October 27, 1989 REVENUE REGULATIONS NO. 11-89 SUBJECT : Registration of Books of Accounts TO : All Internal Revenue Officers and Others Concerned SECTION 1 . These Revenue Regulations are promulgated pursuant to the provisions of Section 245 of the National Internal Revenue Code, as amended, to amend Section 19 (a) of Revenue Regulations No. V-1, as amended by Revenue Regulations No. 6-87, otherwise known as the Bookkeeping Regulations, in order to strengthen compliance with the requirement for the registration of books of accounts by the concerned taxpayers. cd i SECTION 2 . Amendment . The first paragraph of Section 19 (a) of Revenue Regulations No. V-1, as amended by Revenue Regulations No. 6-87, is hereby further amended, to read as follows: '(a) In general . Persons required to keep books of accounts, internal revenue books, records of receipts, and disbursements, additional registers and other records, for recording their transactions as prescribed in these regulations shall, before using any of the aforesaid books, records, registers, first present them to the Revenue Collection Agent where his principal place of business is located for approval and registration. IN THE CASE OF RENEWAL OF REGISTRATION OF BOOKS OF ACCOUNTS THE APPLICANT-REGISTRANT SHALL PRESENT TO THE SAID REVENUE COLLECTION AGENT HIS DULY REGISTERED BOOKS OF ACCOUNTS USED DURING THE IMMEDIATELY PRECEDING TAXABLE YEAR AS A CONDITION PRECEDENT FOR THE REGISTRATION OF HIS BOOKS OF ACCOUNTS FOR THE CURRENT TAXABLE YEAR. IF IT IS SHOWN THAT THE SAID BOOKS OF ACCOUNTS USED DURING THE SAID PRECEDING TAXABLE HAS NOT BEEN DULY REGISTERED OR NO SUCH BOOKS OF ACCOUNTS HAVE IN FACT BEEN USED, REGISTRATION APPLIED FOR THE CURRENT BOOKS OF ACCOUNTS SHALL BE EFFECTED BY THE SAID REVENUE COLLECTION AGENT SUBJECT TO PAYMENT BY THE APPLICANT-REGISTRANT OF THE CORRESPONDING PENALTY FOR THE SAID VIOLATION. THE AMOUNT OF PENALTY SHALL BE DETERMINED IN ACCORDANCE WITH THE CORRESPONDING SCHEDULES OF COMPROMISE PENALTY PRESCRIBED BY REGULATIONS. THIS REQUIREMENT SHALL NOT, HOWEVER, APPLY WITH RESPECT TO A REGISTRANT-APPLICANT ONLY ENGAGING IN BUSINESS FOR THE FIRST TIME SINCE HE WAS NOT REQUIRED TO KEEP DULY REGISTERED BOOKS OF ACCOUNTS WITH RESPECT TO SUCH PRIOR PERIOD.' SECTION 3 . Repealing Clause . All existing rules and regulations or part/s thereof which are inconsistent with the provisions of these amendatory regulations are hereby revoked or modified accordingly. aisa dc SECTION 4 . Effectivity . These regulations shall take effect fifteen days after publication in the Official Gazette. (SGD.) JOSE U. ONG Commissioner of Internal Revenue Approved: (SGD.) VICENTE R. JAYME Secretary of Finance