Amendment to Section 204 of National Internal Revenue Code
Commonwealth Act No. 526, enacted on May 10, 1940, amends Section 204 of the National Internal Revenue Code. The amendment mandates that merchants, importers, or manufacturers with gross sales exceeding twenty thousand pesos in the previous year must issue an invoice for each sale, regardless of the sale's value. This act is effective from January 1, 1940. The intention is to enhance transparency and accountability in sales transactions.
Law Information
- Reference Number
- Commonwealth Act No. 526
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 10, 1940
COMMONWEALTH ACT NO. 526
AN ACT TO AMEND SECTION TWO HUNDRED AND FOUR OF THE NATIONAL INTERNAL REVENUE CODE
SECTION 1. Section two hundred and four of Commonwealth Act Numbered Four hundred and sixty-six is amended by adding at the end of the first paragraph the following proviso:
"Provided, That merchants, importers, or manufacturers whose gross sales during the last preceding year exceed twenty thousand pesos shall, for each sale, issue an invoice, irrespective of the value of the article sold."
SECTION 2. This Act shall take effect as of January first, nineteen hundred and forty.
Approved: May 10, 1940
Cite This Law
Amendment to Section 204 of National Internal Revenue Code, Commonwealth Act No. 526, May 10, 1940 (Philippines)
Amendment to Section 204 of National Internal Revenue Code, Commonwealth Act No. 526 (Phil. 1940)
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