Amendment to Department Order No. 85-87 Dated June 15, 1987 Implementing the Revised Zonal Values of Real Properties in the Municipality of Parañaque, Las Piñas and Muntinlupa for Internal Revenue Tax Purposes

September 23, 1988 DOF DEPARTMENT ORDER NO. 001-89 ( Declared Superseded by D.O. 29-16) SUBJECT : Amendment to Department Order No. 85-87 Dated June 15, 1987 Implementing the Revised Zonal Values of Real Properties in the Municipality of Paraaque, Las Pias and Muntinlupa for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned Section 16 (e) of the Tax Code, as amended by Presidential Decree No. 1994, authorizes the Commissioner of Internal Revenue to divide the Philippines into different zones or areas and determine for internal revenue tax purposes, the fair market value of the real properties located in each zone or area upon consultation with competent appraisers. By virtue of said authority, the Commissioner of Internal Revenue has revised the zonal values of real properties located in Paraaque, Las Pias and Muntinlupa, under Revenue District Office No. 34. This Order is issued to implement upgraded zonal values for land and zonal values for land and improvements in the case of condominiums in the Municipality of Paraaque, Las Pias and Muntinlupa as shown in Annex "A" hereof to be used in computing any internal revenue tax. In case the gross selling price or the market value as shown in the schedule of values of the Provincial or City Assessors is higher than the zonal value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. SAHaTc (SGD.) VICENTE JAYME Secretary of Finance RECOMMENDED BY: (SGD.) BIENVENIDO A. TAN, JR. Commissioner