Amendment to Department Order No. 113-88 Dated December 14, 1988 Implementing the Revised Zonal Values of Real Properties in the Districts of Binondo and Sta. Cruz for Internal Revenue Tax Purposes.

June 21, 1990 DOF DEPARTMENT ORDER NO. 039-90 ( Declared Superseded by D.O. 29-16) SUBJECT : Amendment to Department Order No. 113-88 Dated December 14, 1988 Implementing the Revised Zonal Values of Real Properties in the Districts of Binondo and Sta. Cruz 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. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in the Districts of Binondo and Sta. Cruz under Revenue District No. 23, Revenue Region 4A, Manila. This Order is issued to implement revised zonal values for land as shown in Annex "A" hereof to be used in computing any internal revenue tax. In case the gross selling price or the market value as shown in the schedule of values of the Provincial or City assessors is higher than the zonal value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. (SGD.) JESUS P. ESTANISLAO Secretary of Finance RECOMMENDED BY: (SGD.) JOSE U. ONG Commissioner of Internal Revenue