May be taxpayers and other concerns will ask when is the action of calculating for valuation of gifts made in property?
The amendment is stated in Section 2 of RR No. 17-2018 to read as follows:
"SECTION 13. VALUATION OF GIFTS MADE IN PROPERTY. - The valuation of gifts in the form of property shall follow the rules set forth in Section 5 of these regulations: Provided, That the reckoning point for valuation shall be the date when the donation is made."
The bureau recently issued Revenue Regulations (RR) No. 17-2018 amending RR No. 12-2018 Particularly Section 13 Thereof.
The amendment is stated in Section 2 of RR No. 17-2018 to read as follows:
"SECTION 13. VALUATION OF GIFTS MADE IN PROPERTY. - The valuation of gifts in the form of property shall follow the rules set forth in Section 5 of these regulations: Provided, That the reckoning point for valuation shall be the date when the donation is made."
Please refer: https://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202018/RR%20No%2017-2018.pdf of the full text of RR No. 17-2018.
