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REPUBLIC ACT NO. 438

REPUBLIC ACT NO. 438 - AN ACT TO AMEND PARAGRAPH (a) OF SECTION TWO HUNDRED ONE AND SECTION THREE HUNDRED THIRTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, AS AMENDED, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE

Section 1. Paragraph (a) of section two hundred one of Commonwealth Act Numbered Four hundred sixty-six, known as the National Internal Revenue Code, is hereby amended to read as follows: "Sec. 210. (a) Lawyers, medical practitioners, land surveyors, architects, certified public accountants, civil, electrical, chemical, mechanical or mining engineers, insurance agents and sub-agents, veterinarians, dental surgeons, opticians, professional appraisers or connoisseurs of tobacco and other domestic or foreign products, licensed ship masters, and marine chief engineers, fifty pesos." 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." Sec. 3. This Act shall take effect upon its approval. Approved: June 7, 1950

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