Which legislative act in the 1939 aimed to streamline tax regulations and practices?

The legislative act initiated in 1939 that aimed to streamline tax regulations and practices is Commonwealth Act No. 470. This act was significant as it sought to provide a more organized framework for tax administration, thereby enhancing efficiency and compliance among taxpayers. By establishing clearer guidelines and regulations, Commonwealth Act No. 470 played a critical role in modernizing the taxation system at that time. Its emphasis on structured practices contributed to improved revenue collection and facilitated the necessary adjustments in fiscal policy during a period of economic development. Understanding the implications of such legislation helps to grasp the evolution of tax law and administration in the Philippines.