Implementation of the Revised Schedule of Zonal Values of Real Properties in Cubao, Quezon City within the Jurisdiction of Revenue District Office No. 40-Cubao, Quezon City for Internal Revenue Tax Purposes

February 24, 2015 DOF DEPARTMENT ORDER NO. 023-15 SUBJECT : Implementation of the Revised Schedule of Zonal Values of Real Properties in Cubao, Quezon City within the Jurisdiction of Revenue District Office No. 40-Cubao, Quezon City for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned Section 6 (E) of Republic Act No. 8424, otherwise known as the "Tax Reform Act of 1997", 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 in Cubao, Quezon City (5th revision) within the jurisdiction of Revenue District Office No. 40-Cubao, Quezon City, Revenue Region No. 7-Quezon City after a public hearing was conducted on December 16, 2010. This Order is issued to implement the Revised Schedule of 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 values 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. CDHacE (SGD.) CESAR V. PURISIMA Secretary of Finance RECOMMENDED BY: (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue