Implementation of the Revised Schedule of Zonal Values of Real Properties within the Jurisdiction of Revenue District Office No. 50-South Makati, for Internal Revenue Tax Purposes

November 23, 2021 DOF DEPARTMENT ORDER NO. 038-2021 SUBJECT : Implementation of the Revised Schedule of Zonal Values of Real Properties within the Jurisdiction of Revenue District Office No. 50-South Makati, 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 shall 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 within the jurisdiction of Revenue District Office No. 50-South Makati, Revenue Region No. 8A-Makati City (8th Revision) after postings and publications of said recommended zonal values conducted on August 4, 10, 17, 2021, pursuant to Section V (A) (14) (d) of Revenue Memorandum Order No. 31-2019 dated June 18, 2019, for the purpose. 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 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 III Secretary of Finance RECOMMENDED BY: (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue