Amendments to the NIRC Re: Persons Required to Keep Ledger and Journal

June 7, 1950

REPUBLIC ACT NO. 438

AN ACT TO AMEND PARAGRAPH (a) OF SECTION TWO HUNDRED ONE AND SECTION THREE HUNDRED THIRTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, AS AMENDED, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE

SECTION 1. Paragraph (a) of section two hundred one of Commonwealth Act Numbered Four hundred sixty-six, known as the National Internal Revenue Code, is hereby amended to read as follows: cd i

"Sec. 201. (a) Lawyers, medical practitioners, land surveyors, architects, certified public accountants, civil, electrical, chemical, mechanical or mining engineers, insurance agents and sub-agents, veterinarians, dental surgeons, opticians, professional appraisers or connoisseurs of tobacco and other domestic or foreign products, licensed ship masters, and marine chief engineers, fifty pesos."

SECTION 2. Section three hundred thirty-four of Commonwealth Act Numbered Four hundred sixty-six, known as the National Internal Revenue Code, is hereby amended to read as follows:

"Sec. 334. Corporations, companies, partnerships or persons required to keep journal and ledger. — All corporations, companies, partnerships or persons required by law to pay internal revenue taxes shall keep a journal and a ledger, or their equivalents: Provided, however, That those whose gross quarterly sales, earnings, receipts or output do not exceed five thousand pesos shall keep and use a simplified set of bookkeeping records recommended by the Collector of Internal Revenue and approved by the Secretary of Finance."

SECTION 3. This Act shall take effect upon its approval.

Approved: June 7, 1950

Published in the Official Gazette, Vol. 46, No. 6, p. 2461 in June 1950