Amendment to Section 20 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, Relative to Inspection of Books, Registers and Records

November 29, 1961 REVENUE REGULATIONS NO. V-77 SUBJECT : Amendment to Section 20 of Revenue Regulations No. V-1, or the Bookkeeping Regulations, Relative to Inspection of Books, Registers and Records TO : All Internal Revenue Officers and Others Concerned SECTION 1. Section 20 of Revenue Regulations No. V-1, or the Bookkeeping Regulations is hereby amended to read as follows: "Section 20. Inspection of books, registers and records. All books, registers and other records, and vouchers and other supporting papers required by these regulations shall be kept at all times at the place of business of the taxpayer, subject to inspection of any internal-revenue officer, and upon demand, the same must be immediately produced and submitted for inspection. When required by inspecting officers, the owner, bookkeeper, or manager shall give the necessary explanations regarding the items in the entries contained in the said books, registers and records. In the case of a branch store, or where the controlling books are kept in a place other than the business establishment, there shall be kept in the store or business establishment such books and records as would clearly reflect all the transactions effected therein. When the books, register, record and other papers are needed by an internal-revenue officer for examination outside of the taxpayer's place of business, the said officer shall issue a receipt therefor on the required internal revenue form. After making the inspection or examination of the said books, registers, records and other papers, the Internal Revenue Officer shall inform the taxpayer that he will receive a confirmation of the investigation within thirty (30) days upon termination of the investigation from the revenue officer who authorized the investigation in accordance with the following form: Annex "C" LETTER OF CONFIRMATION NO. _____ _______________________________, 196_ (Name of Taxpayer) (Address) S i r /Madam/Gentlemen: With reference to our letter of Authority No. _____________ addressed to you ___________________, please be informed that the results of the investigation conducted by Revenue Examiner ___________________ of your _____________ tax liability/liabilities for the year(s) period _________________ the findings are TaHDAS Discrepancies P_____________ Deficiency Tax(es) Due P_____________ The above findings are subject to review and final approval by the proper officials of this Bureau. Very truly yours, _________________ Head of Office To be signed by CME, CMA, PRO, Asst. PRO (for province of Rizal only), Chief of Regional Investigating Branches, or Chief of National Office Divisions, as the case may be. IMPORTANT: This letter of confirmation should be pasted on the inside cover of the ledger for the year(s) investigated. "In this confirmation letter, the taxpayer shall be informed that the corresponding report of investigation of his tax liability has been submitted and that the recommendation of the investigating Internal Revenue Officer is under consideration by the Revenue Office concerned. The taxpayer upon receipt of the confirmation letter shall paste the said letter on the inside cover of the ledger for the year or years investigated. The confirmation letter shall be prepared in triplicate and numbered consecutively. The original shall be sent to the taxpayer, the duplicate shall be attached to the report of the investigating Internal Revenue Officer and the triplicate shall be retained as the file copy." SECTION 2. This amendment shall take effect upon promulgation in the Official Gazette. (SGD.) DOMINADOR R. AYTONA Secretary of Finance RECOMMENDED BY: (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue