Amendment to Department Order No. 11-92

September 2, 1998 DOF DEPARTMENT ORDER NO. 020-99 SUBJECT : Amendment to Department Order No. 11-92, dated January 9, 1992 Creating the Executive Committee on Real Property Valuation (ECRPV) to Determine the Zonal Fair Market Values of Real Property for Purposes of Computing the Tax on the Sales, Transfer or Disposition of Real Property In view of the fact that organizational changes affected the composition of the ECRPV, there is hereby established a Department Order updating the composition of the ECRPV and delineating its function pursuant to Section 6(E) of the Tax Reform Act of 1997, as amended, which shall read as follows: Chairman : Commissioner Bureau of Internal Revenue Members : Deputy Commissioner - Operations Group Bureau of Internal Revenue Assistant Commissioner - Assessment Service Bureau of Internal Revenue Executive Director Bureau of Local Government Finance Department of Finance Executive Director National Tax Research Center One (1) Representative each from two (2) Associations of Private Appraisers (To be appointed by the Commissioner of Internal Revenue) Consultant : Commissioner Housing & Land Use Regulatory Board Administrator National Mapping and Resources Information Authority Administrator Land Registration Authority General Manager National Housing Authority Secretariat : Asset Valuation Division Bureau of Internal Revenue The Executive Committee shall study, analyze and approve the zonal schedule of fair market value of real properties prepared by the Technical Committee on Real Property Valuation created under Department Order No. 11-92 dated 1-1-92 to be used as basis in computing the tax on sale, transfer or other disposition of real property. LibLex All Provincial, City and Municipal Assessors/Planning Officers are hereby directed to render assistance to the Committee in the determination of the realistic valuation of real properties in their areas of jurisdiction. The Committee is authorized to avail of the services of any personnel of this Department and the Bureaus and offices under it. The Chairman, Members and Secretariat shall be entitled to honoraria and traveling expenses authorized under existing laws. This Order takes effect immediately. (SGD.) EDGARDO V. ESPIRITU Secretary of Finance