Revised Zonal Values of Real Properties in the City of Pasay Under the Jurisdiction of RDO No. 51-Pasay City

October 30, 2009 DOF DEPARTMENT ORDER NO. 038-09 SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the City of Pasay Under the Jurisdiction of Revenue District Office No. 51-Pasay 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 (4th revision) within the jurisdiction of Revenue District Office No. 51-Pasay City, Revenue Region No. 8-Makati City after public hearing was conducted on September 15, 2006 for the purpose. This Order is issued to implement the revised zonal values of real properties for purposes of computing any internal revenue taxes 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. DaScCH (SGD.) MARGARITO B. TEVES Secretary of Finance RECOMMENDED BY: (SGD.) SIXTO S. ESQUIVIAS IV Commissioner of Internal Revenue