Appraisers Collect Data, These Are Taxpayers’ Rights and Obligations

“Valuation warrant is a warrant to perform valuation," reads Article 1 number 9 of MoF Reg. 79/2023, quoted Saturday (9/9/2023).

Next, taxpayers or their attorneys are entitled to ask the appraiser team to present identification, explain the reasons and objectives of the valuation as well as present the revised valuation warrant if the composition of the appraiser team changes.

Finally, taxpayers are also entitled to ask the appraiser team to return books of accounts, records and other supporting documents, which are lent to the appraiser team.

Next, taxpayers and their attorneys must also provide information in respect of valuation objects and provide the assistance of accompanying staff for the field inspection.

Finally, taxpayers are obliged to allow the appraiser team to perform a field inspection, including identifying, measuring, mapping as well as collecting data and information in respect of the valuation objects.

On another note, MoF Reg. 79/2023 defines valuation for tax purposes as a series of activities to determine the value of a valuation object at a certain time which is performed objectively and professionally based on a valuation standard to implement statutory tax provisions.

MoF Reg. 79/2023 constitutes the basis for the DGT to conduct valuations to determine the Sales Value of Taxable Objects for Land and Building Tax as well as the value of tangible assets, intangible assets and businesses. Promulgated on 24 August 2023, this MoF Reg. Comes into force 30 days thereafter. (sap)