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PRESIDENTIAL DECREE NO. 1054
PRESIDENTIAL DECREE NO. 1054 -
AMENDING Section 91 OF THE NATIONAL INTERNAL REVENUE CODE
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WHEREAS,
the fair market value of the gross estate left by a decedent is the
value to be used in determining the estate tax;chanroblesvirtualawlibrary
WHEREAS, under Section 91, the current and fair market value as
reflected in the schedule of values prepared by Provincial or City
Assessors, pursuant to Presidential Decree Nos. 76 and 261, shall be
the appraised value of real property which may be included in the gross
estate for estate tax purposes;chanroblesvirtualawlibrary
WHEREAS, the valuation made by the Provincial and City Assessors under
PD 76 is not adjusted and updated to conform to the most recent
increases in value of real properties and, in almost all cases, the
valuation under PD 76 is now obsolete for estate tax purposes; chanroblesvirtualawlibrary
WHEREAS, to protect the interest of the government, the fair market
value at the time of death or as of six months thereafter, shall be
used for purposes of determining the estate tax;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Section 91 of the National Internal
Revenue Code is hereby amended to read as follows:cralaw:red
"Determination of value of usufruct, annuities and other property. — To
determine the value of the right of usufruct, use of habitation, as
well as that of annuity, there shall be taken into account the probable
life of the beneficiary in accordance with the American Tropical
Experience Table calculated at eight per centum annual interest.
The estate shall be appraised at its fair market value as of the time
of death, or as of six months thereafter, at the election of the
executor or administrator. However, the fair market value of real
property shall be either (a) the current and fair market value as shown
in the schedules of values fixed by provincial and city assessor
pursuant to Presidential Decree No. 76, as amended, or (b) the fair
market value as determined by the Commissioner of Internal Revenue,
whichever is higher.
Section 2. Repealing Clause. — All laws or decrees
which are inconsistent herewith are hereby repealed or modified
accordingly.
Section 3. Effectivity. — This Decree shall take
effect upon approval.
Done in the City of Manila,
this 25th day of November, in the year of Our Lord, nineteen hundred
and seventy-six.
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