The Commissioner has the authority to prescribe real property values subject to limitations set by the law. Which of the following limitations is invalid? The adjustment in the FMV of the property must be done once in every three years through the rules and regulations issued by the Secretary of Finance based on the current Philippine Standards. The adjustment shall be published in newspaper of general circulation in the province, city or municipality concerned. There must be consultation with competent appraisers both from the private and public sectors, with prior notice to affected taxpayers In the absence of provision stated under letter c, the adjustment must be posted in the provincial capitol, city or municipal hall and in three (3) conspicuous public places therein.
The Commissioner has the authority to prescribe real property values subject to limitations set by the law. Which of the following limitations is invalid? The adjustment in the FMV of the property must be done once in every three years through the rules and regulations issued by the Secretary of Finance based on the current Philippine Standards. The adjustment shall be published in newspaper of general circulation in the province, city or municipality concerned. There must be consultation with competent appraisers both from the private and public sectors, with prior notice to affected taxpayers In the absence of provision stated under letter c, the adjustment must be posted in the provincial capitol, city or municipal hall and in three (3) conspicuous public places therein.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Commissioner has the authority to prescribe real property values subject to limitations set by the law. Which of the following limitations is invalid?
The adjustment in the FMV of the property must be done once in every three years through the rules and regulations issued by the Secretary of Finance based on the current Philippine Standards.
The adjustment shall be published in newspaper of general circulation in the province, city or municipality concerned.
There must be consultation with competent appraisers both from the private and public sectors, with prior notice to affected taxpayers
In the absence of provision stated under letter c, the adjustment must be posted in the provincial capitol, city or municipal hall and in three (3) conspicuous public places therein.
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