Implementation of the Initial Zonal Values of Real Properties in All Municipalities Under the Jurisdiction of RDO No. 65 (Naga City, Camarines Sur)

July 30, 1996 DOF DEPARTMENT ORDER NO. 005-97 SUBJECT : Implementation of the Initial Zonal Values of Real Properties in All Municipalities Under the Jurisdiction of Revenue District Office No. 65 (Naga City, Camarines Sur), Revenue Region No. 10 (Legaspi City) 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 virtues of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties (initial) located in all municipalities under the jurisdiction of Revenue District Office No. 65 (Naga City, Camarines Sur), Revenue Region No. 10 (Legazpi City) after public hearing was conducted on July 22, 1996 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 the market value as shown in the schedules of values of the provincial or city assessor is higher than the zonal value established herein, such values shall be used as basis for computing. This Order shall take effect immediately. SALVADOR M. ENRIQUEZ Secretary of Finance RECOMMENDED BY: LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue