Implementation of the Revised Zonal Values of Real Properties in the City of Makati, National Capital Region (7th Revision) within the Jurisdiction of Revenue District Office No. 50-South Makati for Internal Revenue Tax Purposes

November 16, 2016 DOF DEPARTMENT ORDER NO. 062-16 SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the City of Makati, National Capital Region (7th Revision) 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 6 (E) of Republic Act No. 8424, otherwise known as the "Tax Reforms 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 private and public sectors. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties in the City of Makati National Capital Region (7th Revision), within the jurisdiction of Revenue District Office No. 50-South Makati, Revenue Region No. 8-Makati City after public hearing was conducted on March 30, 2016. 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 of 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. (SGD.) CARLOS G. DOMINGUEZ III Secretary of Finance RECOMMENDED BY: (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue