Section 2
SEC. 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."