Implementation of the Revised Zonal Values of Real Properties in the City of Cebu Under Revenue District Office No. 60 (Cebu City), Revenue Region No. 7 (Cebu City), for Internal Revenue Tax Purposes.

January 25, 1993 DOF DEPARTMENT ORDER NO. 020-93 ( Superseded by D.O. 26-16) SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the City of Cebu Under Revenue District Office No. 60 (Cebu City), Revenue Region No. 7 (Cebu 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 the private and public sectors. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in the City of Cebu under the jurisdiction of Revenue District Office No. 60 (Cebu City), Revenue Region No. 7 (Cebu City) after a public hearing was conducted on July 22, 1992 for the purpose. This Order is issued to implement the revised zonal values for land and improvements in the case of condominiums/townhouses, commercial and industrial buildings as shown in "A" hereof to be used in computing any intenal revenue tax. In case the gross selling price or the market value as shown in the schedule 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 the internal revenue tax. DTcACa This Order shall take effect immediately. (SGD.) RAMON DEL ROSARIO, JR. Secretary of Finance RECOMMENDED BY: (SGD.) JOSE U. ONG Commissioner of Internal Revenue