Section 7
SEC. 7. Sec. 181 of the Tax Code, as amended, is hereby further amended to read as follows: "SEC. 181. Persons subject to tax to issue receipts or sales or commercial invoices; contents of receipts or invoices.—All persons subject to an internal revenue tax shall, for each sale or transfer of merchandise or for services rendered valued at twenty-five pesos or more, issue receipts or sales or commercial invoices, prepared at least in duplicate, showing the date of transaction, quantity, unit cost and description of merchandise or nature of service: Provided, That in the case of sales, receipts or transfers in the amount of one hundred pesos or more, or regardless of amount, where the sale or transfer is made by producers, manufacturers, importers and persons subject to percentage tax on subsequent sales; or, where the receipt is issued to cover payment made as rentals, commissions, compensations or fees, receipts or irvoices shall be issued which shall show the name, business style, if any, and address of the purchaser, customer, or client. The original of each receipt or invoice shall be issued to the purchaser, customer or client at the time the transaction is effected, who, if engaged in business or in the exercise of profession, shall keep and preserve the same in his place of business for a period of three years from the date of the invoice or receipt, while the duplicate shall be kept and preserved by the issuer, also in his place of business, for a like period. “The Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the provisions of this section.''