Amendment to Ministry Order No. 20-86 dated September 5, 1986, Creating the TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION to Assist the Commissioner of Internal Revenue in Prescribing Real Property Values for Purposes of Computing Any Internal Revenue Tax

February 27, 1989 DOF DEPARTMENT ORDER NO. 012-89 SUBJECT : Amendment to Ministry Order No. 20-86 dated September 5, 1986, Creating the TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION to Assist the Commissioner of Internal Revenue in Prescribing Real Property Values for Purposes of Computing Any Internal Revenue Tax Pursuant to Section 16 (e) of the National Internal Revenue Code, as amended, Ministry Order No. 20-86 is hereby amended, as follows: Chairman - Atty. IMELDA L. REYES Assistant Commissioner (Assessment Service) Bureau of Internal Revenue Members - Chief, Real Property Assessment Examination Division Bureau of Local Government-Finance - Representative Housing and Land Use Regulatory Board (HLURB) - Special Assistant to the Deputy Commissioner having jurisdiction over all regional offices Bureau of Internal Revenue - Chief, Assessment Performance Control Division Bureau of Internal Revenue - Two (2) Representatives from Philippine Association of Real Estate Brokers (PAREB) and Institute of Philippine Real Estate Appraiser ( IPREA) Secretariat - Asst. Chief, Assessment Performance Control Division Bureau of Internal Revenue - Chief, Systems and Programming Dept. Revenue Information Service Systems, Inc. The Technical Committee shall have the authority to create Sub-Technical Committees on Real Property Valuation in Revenue District Offices which shall be composed of the Revenue District Officer as Chairman and the Provincial/City/Municipal Assessor and two (2) competent appraisers representing the private sector, as members. Under the direct supervision of the Commissioner of Internal Revenue, the Committee shall study and prepare the zonal schedules of fair market values on real properties to be used as basis for the computation of any internal revenue tax. All provincial, city and municipal assessors are hereby directed to render assistance to the Committee IN THE DETERMINATION OF THE REALISTIC VALUATION OF REAL PROPERTIES IN THEIR RESPECTIVE AREAS OF JURISDICTION. The Committee may likewise be authorized to avail of the services of any personnel of this Department or the bureaus or offices under it. The Chairman, Members and Secretariat of the Committee shall be entitled to honoraria and travelling expenses authorized under existing laws. This Order takes effect immediately. (SGD.) VICENTE R. JAYME Secretary of Finance