Initial Zonal Values of Real Properties in the City of Olongapo Under Revenue Office No. 19 (Olongapo City)

October 27, 1995 DOF DEPARTMENT ORDER NO. 005-96 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Initial Zonal Values of Real Properties in the City of Olongapo Under Revenue Office No. 19 (Olongapo City), Revenue Region No. 4 (San Fernando, Pampanga), 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 both from private and public sectors. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties (initial) located in the City of Olongapo under the jurisdiction of Revenue District Office No. 19 (Olongapo City), Revenue Region No. 4 (San Fernando, Pampanga) after public hearing was conducted on May 12, 1995 for the purpose. This Order is issued to implement the initial zonal values for land to be used in computing any internal revenue tax. In case the gross selling price or market value as shown in the schedule of values of the provincial or city assessor is higher than the value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. ROBERTO F. DE OCAMPO Secretary of Finance RECOMMENDED BY: LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue