Question & AnswerQ&A (Act No. 3292)
All corporations, companies, partnerships, or persons required by law to pay internal-revenue taxes are required to keep a journal and a ledger or their equivalents.
Yes, those whose gross quarterly sales or receipts do not exceed five thousand pesos are exempted from keeping a journal and a ledger but must keep internal-revenue sales and purchase books and other records prescribed by the Bureau of Internal Revenue.
They must pay an inspection fee to the Bureau of Internal Revenue for the examination of their books, calculated at one centavo per page of not more than 750 square centimeters, plus a proportionate additional fee for any excess.
The inspection fee is payable within ten days after notice and demand by the Collector of Internal Revenue or authorized representatives.
The fee amount shall be increased by fifty percent, which will be part of the total fee, and failure to pay is subject to a fine not less than the amount of the fee plus surcharge and not more than double that amount.
Yes, entities that keep a true and complete translation of such books in English, Spanish, or any native dialect are exempt from paying the inspection fee.
All books of account must be preserved for at least five years from the date of the last entry.
They must submit their books of account to the Collector of Internal Revenue or authorized deputies within fifteen days from retirement or within a permitted period for examination.
Violations may be punished by a fine not exceeding one thousand pesos, imprisonment not exceeding six months, or both, at the court's discretion.
The Secretary of Finance is responsible for making such rules and regulations.