Revised Zonal Values of Real Properties in Certain Municipalities and Cities Under the Jurisdiction of RDO No. 18 (Olongapo City)
DOF Department Order No. 048-07 • Department of Finance • DOF Orders • Sep 17, 2007
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September 17, 2007 DOF DEPARTMENT ORDER NO . 048-07 SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the Municipalities of Botolan, Cabangan, Candelaria, Castillejos, Iba, Masinloc, Palauig, San Antonio, San Felipe, San Marcelino, San Narcisco, Sta. Cruz, Subic and Olongapo City Under the Jurisdiction of Revenue District Office No. 18 (Olongapo 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. caIACE By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties ( 1st revision ) in the municipalities of Botolan, Cabangan, Candelaria, Castillejos, Iba, Masinloc, Palauig, San Antonio, San Felipe, San Marcelino, San Narciso, Sta. Cruz, Subic and Olongapo City within the jurisdiction of Revenue District Office No. 18-Olongapo City, Revenue Region No. 04-San Fernando City, Pampanga after public hearings were conducted on November 10, 2005 and December 13, 2005 for the purpose. This Order is issued to implement the revised 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. ICHcaD This order shall take effect immediately. (SGD.) MARGARITO B. TEVES Secretary of Finance RECOMMENDED BY: (SGD.) LILIAN B. HEFTI Commissioner of Internal Revenue
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