Amendment to Revenue Memorandum Order No. 17-72

August 25, 1972 REVENUE MEMORANDUM ORDER NO. 25-72 SUBJECT : Amendment to Revenue Memorandum Order No. 17-72 TO : All Internal Revenue Officers, Employees and Others Concerned 1. This is with reference to Revenue Memorandum Order No. 17-72, the subject matter of which is "Creation of a Unit to take charge of the enforcement of the provisions of the Real Property Valuation Regulations embodied in Department Order No. 88-70, dated September 14, 1970," and particularly paragraph 5 thereof which is quoted hereunder. "5. To insure uniformity of action and to determine whether the provisions of this regulations (Department Order No. 88-70) are being followed, all divisions in the National Office conducting investigations of transfer taxes and regional offices shall forward all reports on transfer taxes (estate, inheritance, donor's and donee's tax), irrespective of the amount of tax due and the jurisdiction of the investigating unit, to the Transfer Tax Section of the Income Tax Division for review of the report. Until action has been taken by said unit, no report on transfer taxes should be finalized, accepted, approved or payment of tax due thereon be accepted." 2. Inasmuch as up to now the Real Property Valuation Committee has only finished and furnished the Bureau of Internal Revenue with real estate valuation of the properties in the Cities of Manila and Pasay, Revenue Memorandum Order No. 17-72 is hereby amended by inserting paragraph 5-A between paragraphs 5 and 6, to read as follows: "5-A. Inasmuch as up to now the Real Estate Valuation Committee has only finished and furnished the Bureau of Internal Revenue the valuation of real properties in the Cities of Manila and Pasay, the requirement under paragraph 5 of Revenue Memorandum Order No. 17-72 to forward all field audit reports on transfer taxes (estate, inheritance, donor's and donee's tax) to the Transfer Tax Section, Income Tax Division, for determination whether the valuations are in accordance with the valuation of the Real Estate Valuation Committee shall apply only to those cases where properties located in the Cities of Manila and Pasay are included in the return. Where the return shows properties only in the other places in the Philippines other than the Cities of Manila and Pasay, the usual procedure in the processing of the said returns should be followed." 3. As valuation of properties are received from the Real Estate Valuation Committee, the said valuations will be transmitted to the Regional Office concerned and the other regions will be informed accordingly. 4. The provisions of this Revenue Memorandum Order are effective immediately. MISAEL P. VERA Commissioner of Internal Revenue