Be it enacted by the Senate and House of Representatives of the Philippines  in Legislature  assembled and by the authority  of the  same:

SECTION 1. 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  or receipts do not exceed five thousand pesos shall, at their option,  be exempt from the requirements of keeping the books  above mentioned, but unless they do keep the same,  they must keep  the  internal-revenue sales and purchase  books and other records prescribed by the Bureau of Internal Revenue and  any  other additional data  that the  Secretary  of Finance or the Collector of Internal Revenue may require  by rules and regulations and which may be necessary for the accurate  determination  of the  amount  of taxes due the Government.

SEC. 2. All such corporations, companies, partnerships, or persons, who keep their books of account in  a  language other than English, Spanish,  or a native dialect, shall pay to the Bureau  of Internal Revenue  a fee for the inspection and other services rendered in connection with  the  proper understanding of  the contents of said books at the rate of one centavo for each and every page, of not more than seven hundred and fifty square centimeters  and a proportionate additional fee on  the excess  over seven  hundred  and fifty square centimeters, of  such books  of account inspected or examined by said  Bureau for purposes  of taxation: Provided, however, That the  inspection fee  herein  provided shall be  collected  only once  upon  original inspection  or examination, and shall  be payable within ten  days  after notice and demand therefor by the Collector of Internal Revenue or any of his duly authorized deputies or representatives, and if payment is not made within the period herein prescribed, the amount of the  fee  shall be increased  by fifty per centum, the increment to  be a part of the fee: Provided,  further, That all  corporations, companies, partnerships, or  persons who keep a true and complete translation of such books in English, Spanish, or any native dialect shall be exempt from  the payment  of  the  inspection fee herein provided.

SEC. 3. Nothing provided in this Act shall be so construed as to modify or annul the provisions  of  existing laws empowering the Secretary of Finance and the Collector of Internal Revenue to make rules and regulations for the keeping of records of account books  by  persons or entities subject to the  payment of taxes.

SEC. 4. All the books of account of such corporations, companies, partnerships, or persons  shall be preserved by them for  a  period of at least five years from the date of the last entry in each book and shall be subject to examination and inspection at any time by internal-revenue officers: Provided, further, That all corporations, companies,  partnerships, or persons, who retire  from business shall, within fifteen days from the  date of  such retirement or within such period  of time as may be  allowed by the  Collector of Internal Revenue  in special cases,  submit  their books of account to the  Collector of Internal Revenue or any of his deputies for examination,  after  which  they  shall be  returned.

SEC. 5. It shall be the duty of the Secretary of Finance to make such rules and regulations as may be necessary for the proper enforcement of this Act.

SEC. 6. Any violation of the provisions of this Act, except as hereinbelow provided, shall be penalized by a fine ' not exceeding one thousand pesos or by imprisonment  not exceeding six months, or both in the discretion of the Court Failure to pay the required inspection fee within the time prescribed in this Act shall subject the offender to the payment of a  fine of not less  than the amount of  fee  plus surcharge due nor more than double said amount.

SEC. 7. This Act shall take effect on January first, nineteen hundred  and twenty-eight.

Approved, December 2, 1926.