Whether the Market Value Per Latest Tax Declaration Shall be Increased only by 100% and not 150% under Revenue Audit Memorandum Order No. 2-9121 (e) in the Determination of the Tax Base of Agricultural Land Not Devoted to Fishpond/Prawn Farm Where No Zonal Value has as Yet Been Established
BIR Ruling No. 126-95 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Aug 22, 1995
Full text
August 22, 1995 BIR RULING NO. 126-95 21 (e) 000-00 126-95 Mr. Domingo M. Morales 40 Road 20, Project 8 Quezon City S i r : This refers to your undated letter requesting confirmation of your opinion to the effect that in the determination of the tax base of agricultural land not devoted to fishpond/prawn farm where no zonal value has as yet been established, the market value per latest tax declaration shall be increased only by 100% and not 150% under Revenue Audit Memorandum Order No. 2-91. prcd In reply thereto, please be informed that your opinion is hereby confirmed. Section C(3) of Revenue Audit Memorandum Order No. 2-91 provides that xxx xxx xxx "C. DETERMINATION OF THE TAX BASE FOR LAND AND IMPROVEMENT: "1. . . . "2. When the zonal value of land has not been establishment. "3. Market Value of Land There shall be added to the market value per latest tax declaration ONE HUNDRED PERCENT (100%) thereof, PROVIDED, that if the property is classified as commercial, industrial and agricultural devoted to fishpond/prawn farm, ONE HUNDRED FIFTY PERCENT (150%) shall be added thereto. Thus, in the determination of the tax base of agricultural land which is not devoted to fishpond/prawn farm where no zonal value has as yet been establishment, there shall be added to its market value per latest tax declaration one hundred percent (100%) thereof. cdt Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue
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