Implementation of the Zonal Values of Real Properties in the Municipality of Makati for Internal Revenue Tax Purposes
DOF Department Order No. 051-87 • Department of Finance • DOF Orders • Mar 26, 1987
Full text
March 26, 1987 DOF DEPARTMENT ORDER NO. 051-87 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Zonal Values of Real Properties in the Municipality of Makati for Internal Revenue Tax Purposes TO : All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 Makati, Metro Manila under Revenue District Office Nos. 32 (East Makati) and 32-A (West Makati), after a public hearing conducted thereon for the purpose. This Order is issued to implement zonal values for land the zonal values for land and improvements in the case of condominiums in the Municipality of Makati as shown in Annex "A" hereof to be used in computing any internal revenue tax. ETaHCD 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.) JAIME V. ONGPIN Secretary of Finance RECOMMENDED BY: (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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