Implementation of the Revised Zonal Values of Real Properties in the City of Naga under Revenue District Office No. 45, Revenue Region No. 05, Legaspi City for Internal Revenue Tax Purposes

October 5, 1990 DOF DEPARTMENT ORDER NO. 063-90 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the City of Naga under Revenue District Office No. 45, Revenue Region No. 05, Legaspi City 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 both from private and public sectors. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in City of Naga under the jurisdiction of Revenue District Office No. 45, Revenue Region No. 5, Legaspi City. This Order is issued to implement the 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 assessor is higher than the zonal values established herein, such values shall be used as basis for computing the internal revenue tax. cSIHCA This Order shall take effect immediately. (SGD.) JESUS P. ESTANISLAO Secretary of Finance RECOMMENDED BY: (SGD.) JOSE U. ONG Commissioner of Internal Revenue