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Useful life is the period within which the asset will be productive for
use in the conduct of the trade or business. It is the taxpayer who
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initially determines the useful life and the tax regulations in the
Philippines does not prescribe specific useful lives of certain
properties, though, taxpayers have commonly used some number of
years for specific properties – e.g. vehicles for 5 years, and building
20 years. However, should the taxpayer decided to change the
useful life of the depreciable asset, it will have to secure approval of
the Bureau of Internal Revenue (BIR or tax authorities).
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2. Only one (1) vehicle for land transport is allowed for an official or
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RR No. 12-2012 is dated October 12, 2012 and to take effect within
15 days from date of publication last 17 October 17 2012 at Manila
Bulletin.
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