Republic Acts2 min read
Section 60August 30, 1954, Sec./Art. 60
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Primary Text
Effective Date. - This Act shall take effect upon its approval.
Approved: August 30, 1954
SCHEDULE "A"
The rental value of work animals and farm implements other than machinery, shall not exceed the allowable depreciation charges plus six per cent (6%) interest per annum computed on the market value of the said work animals and farm implements not fixed in this Schedule shall be those prevailing in the locality where the said animals and implements are rented.
Item
Market Value
Period of depreciation
Allowable depreciation in years
Allowable interest at charge 6 per cent
Fair Rental value per annum
Carabao
P300.00
10
P30.00
P18.00
P48.00
Bullock
600.00
7
85.91
36.00
121.00
Horse, native
150.00
8
18.75
9.00
27.75
Cattle
200.00
7
28.57
12.00
40.57
Plow, iron
40.00
5
8.00
2.40
10.40
Plow wooden
25.00
2
12.50
1.50
14.00
Harrow iron
18.00
5
3.60
1.00
4.68
Carreton (native cart)
400.00
10
40.00
24.00
64.00
SCHEDULE "B"
The rental value for farm machineries inclusive of tractors, tractor equipment, engines, motors, and pumps shall not exceed the allowable depreciation equal to one-tenth (1/10) of the current market value plus interest at six per cent (6% per annum.
SCHEDULE "C"
The amounts to be charged by the landholder when he performs services in the operation of the farm enterprise shall not current the rates in the locality where such services are rendered.
Approved: August 30, 1954
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
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