Thursday, September 6, 2012

Section 224 of R A 7160

SEC. 224. Appraisal and Assessment of Machinery. - (a) The fair market value of a brand-new machinery shall be the acquisition cost. In all other cases, the fair market value shall be determined by dividing the remaining economic life of the machinery by its estimated economic life and multiplied by the replacement or reproduction cost. (b) If the machinery is imported, the acquisition cost includes freight, insurance, bank and other charges, brokerage, arrastre and handling, duties and taxes, plus cost of inland transportation, handling, and installation charges at the present site. The cost in foreign currency of imported machinery shall be converted to peso cost on the basis of foreign currency exchange rates as fixed by the Central Bank.
Posted by at

1 comment:

  1. UnknownSeptember 6, 2012 at 1:16 AM

    This is self excplanatory. To add, machinery that is no longer in used shall be reported to the City Assessor so that this will be stricken from the list of taxable properties. If you fail to notify the ASsessor you will be taxed of the year you failed to notify.

    ReplyDelete

Subscribe to: Post Comments (Atom)