Implementation of the Zonal Values of Real Properties in the Districts of Tondo and San Nicolas for Internal Revenue Tax Purposes
DOF Department Order No. 094-88 • Department of Finance • DOF Orders • Jul 11, 1988
Full text
July 11, 1988 DOF DEPARTMENT ORDER NO. 094-88 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Zonal Values of Real Properties in the Districts of Tondo and San Nicolas for Internal Revenue Tax Purposes TO :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. ICTcDA By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in Tondo and San Nicolas, Metro Manila, under Revenue District Office No. 22, after a public hearing conducted thereon for the purpose. This Order is issued to implement zonal values for land and the zonal values for land and improvements in the case of condominiums and townhouses in the Districts of Tondo and San Nicolas 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 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.) VICTOR C. MACALINCAG Acting Secretary RECOMMENDED BY: BIENVENIDO A. TAN, JR. Commissioner
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