Initial Zonal Values of Real Properties in the Municipality of Matag-ob, Leyte Under the Jurisdiction of RDO No. 89 (Ormoc City)

September 16, 2002 DOF DEPARTMENT ORDER NO. 071-02 ( Declared Superseded by D.O. 29-16) TO : All Internal Revenue Officers and Others Concerned SUBJECT : Implementation of the Initial Zonal Values of Real Properties in the Municipality of Matag-ob, Leyte Under the Jurisdiction of RDO No. 89 (Ormoc City), Revenue Region No. 14 (Tacloban City) for Internal Revenue Tax Purposes Section 6(E) of the 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 private and public sectors. ACTESI By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties ( Initial ) located in the Municipality of Matag-ob, Leyte under the jurisdiction of Revenue District Office No. 89 (Ormoc City), Revenue Region No. 14 (Tacloban City) after public hearing was conducted on June 24, 1999 for the purpose. This Order is issued to implement the initial zonal values for land 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 value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. * JOSE ISIDRO N. CAMACHO Secretary of Finance RECOMMENDED BY: (SGD.) RENE G. BAEZ Commissioner of Internal Revenue Footnotes * Signed by Undersecretary Cornelio C. Gison for Secretary Jose Isidro N. Camacho.