Amendments to Section 2 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, as Amended by Revenue Regulations No. V-13, Defining and Prescribing the Essential Requisites of Simplified Sets of Bookkeeping Records.

January 25, 1956 REVENUE REGULATIONS NO. V-43 SUBJECTS : Amendments to Section 2 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, as Amended by Revenue Regulations No. V-13, Defining and Prescribing the Essential Requisites of Simplified Sets of Bookkeeping Records. TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, the following amendments to Section 2 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, particularly the penultimate paragraph thereof which was introduced thereto as an amendment by Section 1 of Revenue Regulations No. V-13, are hereby promulgated and shall be known as Revenue Regulations No. V-43. SECTION 1. Section 2 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, as amended by Section 1 of Revenue Regulations No. V-13, is hereby further amended to read as follows: "Simplified set of Bookkeeping Records" consists of the record of daily sales and cash receipts, the record of daily purchases, expenses and cash disbursements, record of the summary of transactions, and the yearly statements of net worth and operations, which may be in combined form or in separate booklets. Said records should be specially designed for each class or kind of trade or business and prepared by a certified public accountant, should conform substantially with the forms illustrated in Revenue Regulations No. V-13, should be regularly bound, and may be printed, mimeographed or typewritten". SECTION 2. Date of Effectivity. These amendments shall take effect upon promulgation in the Official Gazette. (SGD.) JAIME HERNANDEZ Secretary of Finance RECOMMENDED BY: (SGD.) SILVERIO BLAQUERA Collector of Internal Revenue