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AAC Tax Code.

The National Internal Revenue Code of 1997 as it currently stands — consolidated by the firm to carry the TRAIN Law, the CREATE Act, the Ease of Paying Taxes Act, the VAT on Digital Services Act, CREATE MORE, the CMEPA and the amendatory laws in force to 1 August 2026, with a footnote at every provision naming the law that changed it.

Text current as at 1 August 2026. This is an unofficial consolidation prepared by the firm and not the official text of the Code. Repealed provisions are kept, struck through, so that references in earlier records stay traceable.
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The printed edition runs to 240 pages and carries the same text, footnotes and references as the browser below. Every section here shows the page it sits on in that PDF, so a citation taken from the screen matches the one taken from the book.

TITLE IX — COMPLIANCE REQUIREMENTS › CHAPTER I. KEEPING OF BOOKS OF ACCOUNTS AND RECORDS

SEC. 232. Keeping of Books of Accounts

Page 155 of the PDF edition

(A) Corporations, Companies, Partnerships or Persons Required to Keep Books of Accounts. — All corporations, companies, partnerships or persons required by law to pay internal revenue taxes shall keep and use relevant and appropriate350 set of bookkeeping records duly authorized by the Secretary of Finance wherein all transactions and results of operations are shown and from which all taxes due the Government may readily and accurately be ascertained and determined any time of the year: Provided, That corporations, companies, partnerships or persons whose gross annual351 sales, earnings, receipts or output exceed Three million pesos (P3,000,000),352 shall have their books of accounts audited and examined yearly by independent Certified Public Accountants and their income tax returns accompanied with a duly accomplished Account Information Form (AIF) which shall contain, among others, information lifted from certified balance sheets, profit and loss statements, schedules listing income-producing properties and the corresponding income therefrom and other relevant statements.353

(B) Independent Certified Public Accountant Defined. — The term ‘Independent Certified Public Accountant’, as used in the preceding paragraph, means an accountant who possesses the independence as defined in the rules and regulations of the Board of Accountancy promulgated pursuant to Presidential Decree No. 692, otherwise known as the Revised Accountancy Law.

Amendment notes

  1. TRAIN Law, sec. 71 — inserted.
  2. TRAIN Law, sec. 71 — amended. The requirement had been quarterly.
  3. TRAIN Law, sec. 71 — amended. The threshold had been P150,000.
  4. TRAIN Law, sec. 71 — amended.
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