Corporations, companies, partnerships, or persons required to keep journal and ledger.
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, at their option, be exempt from the requirements of keeping the books above mentioned, but unless they do keep the same, they must keep the internal-revenue sale and purchase books and other records prescribed by the Bureau of Internal Revenue and any other additional data that the Secretary of Finance may require by rules and regulations and which may be necessary for the accurate determination of the amount of taxes due the Government
Subsidiary books.
SEC. 335. Subsidiary books. — All corporations, companies, partnerships, or persons keeping the books of accounts mentioned in the preceding section may, at their option, keep such subsidiary books as the needs of their service may require: Provided, That where such subsidiaries are kept, they shall form part of the accounting system of the taxpayer and shall be subject to the same rules and regulations as to their keeping, translation, production, and inspection as are applicable to the journal and the ledger.
Books to be translated.
SEC. 336. Books to be translated. — All such corporations, companies, partnerships, or persons who keep any of the books or records mentioned in section 334 hereof in a language other than a native language, English, or Spanish, shall make a true and complete translation of all their entries in such books into a native language, English, or Spanish, and the said translation must be made by the bookkeeper of such corporations, companies, partnerships, or persons, or, in his absence, by the manager thereof, and must be certified to under oath as to its correctness by the said bookkeeper or manager, and shall form an integral part of the books of accounts aforesaid.
Preservation of books of accounts, and other accounting records.
SEC. 337. Preservation of books of accounts, and other accounting records. — All the books of accounts, including the subsidiary books, and other accounting records, of such corporations, companies, partnerships, or persons shall be preserved by them for a period of at least five years from the date of the last entry in each book and shall be subject to examination and inspection at any time by internal-revenue officers: Provided, That all corporations companies, partnerships, or persons, who retire from business shall, within ten days from the date of such retirement or within such period of time as may be allowed by the Collector of Internal Revenue in special cases, submit their books of accounts, including the subsidiary books, and other accounting records, to the Collector of Internal Revenue or any of his deputies for examination, after which they shall be returned.
Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).
