Implementation of the Revised Schedule of Zonal Values of Real Properties in the Cities of Iba and Olongapo, and the Municipalities of Botolan, Cabangan, Candelaria, Castillejos, Masinloc, Palauig, San Antonio, San Felipe, San Marcelino, San Narciso, Santa Cruz and Subic (2nd Revision) under the Jurisdiction of Revenue District Office No. 18-Olongapo City, Zambales for Internal Revenue Tax Purposes

April 8, 2022 DOF DEPARTMENT ORDER NO. 019-2022 SUBJECT : Implementation of the Revised Schedule of Zonal Values of Real Properties in the Cities of Iba and Olongapo, and the Municipalities of Botolan, Cabangan, Candelaria, Castillejos, Masinloc, Palauig, San Antonio, San Felipe, San Marcelino, San Narciso, Santa Cruz and Subic (2nd Revision) under the Jurisdiction of Revenue District Office No. 18-Olongapo City, Zambales for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned Section 4 of Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, amending Section 6 (E) of National Internal Revenue Code (NIRC) of 1997, authorizes the Commissioner to divide the Philippines into different zones or areas and with prior notice to affected taxpayers, determine the fair market value of real properties located in each zone or area, subject to automatic adjustment once every three (3) years. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties in the Cities of Iba and Olongapo, and the Municipalities of Botolan, Cabangan, Candelaria, Castillejos, Masinloc, Palauig, San Antonio, San Felipe, San Marcelino, San Narciso, Santa Cruz and Subic (2nd Revision), all within the Province of Zambales and under the jurisdiction of Revenue District Office No. 18-Olongapo City, Zambales, Revenue Region No. 4-San Fernando City, Pampanga after posting and publication in lieu of public hearing conducted on August 18, 2021 and thirty (30) days thereafter. This Order is issued to implement the revised zonal values of real properties for purposes of computing any internal revenue tax due on sale/transfer or any other disposition of real properties. The zonal value established herein shall apply provided the same is higher than (1) the fair market value as shown in the schedule of values of the provincial or city assessor and (2) the gross selling price/consideration as shown in the duly notarized document of sale or transfer of real property. This Order shall take effect immediately. (SGD.) CARLOS G. DOMINGUEZ Secretary of Finance RECOMMENDED BY: (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue