Appraising Machinery.
Section 28
SEC. 28. Appraising Machinery.—The current market value of machinery shall be determined on the basis of the basis of the original cost in the case of newly acquired machinery not yet depreciated and is appraised within the year of its purchase. In the case of all others, the current market value shall be determined by dividing the remaining economic life of the machinery by its economic life and multiplied by the replacement or reproduction cost (new) of said machinery. If the machinery is imported, replacement or reproduction cost (new) shall be the original acquisition cost which would normally include such costs as freight and insurance charges, brokerage, arrastre and handling, customs duties and taxes plus cost of inland transportation and handling, and significant 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 of the Philippines.