An Act to Amend Subsection (C) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Three, as Amended by Section Two of Act Numbered Twenty-Nine Hundred and Twenty-Six, Providing for the Taking of Inventories, and for Other Purposes
Act No. 3026, enacted on March 8, 1922, amends existing legislation regarding the taking of inventories by taxpayers for income determination. It empowers the Collector of Internal Revenue to require inventories when deemed necessary to accurately assess a taxpayer's income. The specifics of how these inventories are to be taken will be prescribed by the Collector, with approval from the Secretary of Finance, ensuring adherence to best accounting practices. This act is effective immediately upon its approval.
Law Information
- Reference Number
- Act No. 3026
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 8, 1922
ACT NO. 3026
AN ACT TO AMEND SUBSECTION (C) OF SECTION TWO OF ACT NUMBERED TWENTY-EIGHT HUNDRED AND THIRTY-THREE, AS AMENDED BY SECTION TWO OF ACT NUMBERED TWENTY-NINE HUNDRED AND TWENTY-SIX, PROVIDING FOR THE TAKING OF INVENTORIES, AND FOR OTHER PURPOSES
SECTION 1. Subsection (c) of section two of Act Numbered Twenty-eight hundred and thirty-three, as amended by subsection (d) of section two of Act Numbered Twenty-nine hundred and twenty-six, is hereby further amended to read as follows:
"(d) Whenever in the judgment of the Collector of Internal Revenue, the use of inventories is necessary in order to determine clearly the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Collector of Internal Revenue, with the approval of the Secretary of Finance, may prescribe, as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income."
SECTION 2. This Act shall take effect on its approval. ISHaCD
Approved, March 8, 1922.
Cite This Law
An Act to Amend Subsection (C) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Three, as Amended by Section Two of Act Numbered Twenty-Nine Hundred and Twenty-Six, Providing for the Taking of Inventories, and for Other Purposes, Act No. 3026, Mar 8, 1922 (Philippines)
An Act to Amend Subsection (C) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Three, as Amended by Section Two of Act Numbered Twenty-Nine Hundred and Twenty-Six, Providing for the Taking of Inventories, and for Other Purposes, Act No. 3026 (Phil. 1922)
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