AN ACT TO AMEND SECTION THREE HUNDRED AND THIRTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED BY REPUBLIC ACT NUMBERED FOUR HUNDRED AND THIRTY-EIGHT.
National Internal Revenue Code
Year:
1951
Category:
Other
Date Approved:
June 16, 1951
Summary
Plain-language AI-assisted summary — not the official text. As of July 2, 2026. Read the full text below or on the official source.
This act amends Section 334 of the National Internal Revenue Code, specifying the requirements for corporations, companies, partnerships, or persons to keep books of accounts for internal revenue tax purposes. It establishes guidelines for simplified bookkeeping for those with lower gross sales and mandates auditing for larger entities.Full Text
[ REPUBLIC ACT NO. 658, June 16, 1951 ]
AN ACT TO AMEND SECTION THREE HUNDRED AND THIRTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED BY REPUBLIC ACT NUMBERED FOUR HUNDRED AND THIRTY-EIGHT.
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section three hundred and thirty-four of Commonwealth Act Numbered Four hundred and sixty-six, otherwise known as the National Internal Revenue Code, as amended by Republic Act Numbered Four hundred and thirty-eight, is hereby further amended to read as follows:
"Section 334. Corporations, companies, partnerships, or persons required to keep books of accounts. -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 duly authorized by the Secretary of Finance wherein all transactions and results of operations are shown and from which all taxes due the Government may readily and accurately be ascertained and determined anytime of the year: And provided, further, That in the case of corporations, companies, partnerships or persons whose gross quarterly sales, earnings, receipts or output exceed twenty five thousand pesos, shall have their Books of Accounts audited and examined yearly by Independent Certified Public Accountants and their income tax returns accompanied with certified balance sheets, profit and loss statements, schedules listing income-producing properties and the corresponding incomes therefrom and other relevant statements."
Section 2. This Act shall take effect upon its approval.
Approved, June 16, 1951.
Share
PDF Document
Source
Official source from LawPhil:
View on LawPhil Last updated: Jul 2, 2026About
Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.