Topics
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A) More information about assessable value and deductions

- How should taxpayers report their rental income for Property Tax assessment to the Inland Revenue Department?
- I received a Property Tax Return (B.I.R.57) last week. When should I return it to the Inland Revenue Department? Do I have to attach any supporting documents to the Return as proof for the figures that I filled in? Can I file my Tax Return via the Internet?
- I have to pay building management fees and certain other out of pocket expenses for the property. Are they deductible? Should I deduct them from the rental income and report the net amount of the income?
- I bought a property and took out a mortgage loan for 10 years. Can I get any relief for the mortgage interest paid?
- If the tenant fails to pay rent, can I report the uncollected rent and claim deductions in Property Tax?
- What is a "lease premium"? Should it be included in the assessable value for Property Tax?
- Will the letting of common areas of a building cause liability on Property Tax?
- If I received a Property Tax assessment and found that the net assessable value (NAV) and the tax charged are incorrect, what should I do?
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