Republic of the Philippines

DEPARTMENT OF FINANCE Roxas Boulevard Comer Vito Cruz Street Manila 1004

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DEPARTMENT ORDER NO. t-'1Q FEBRUARY 2,1998

SUBJECT: IMPLEMENTATION OF THE INITIAL ZONAL VALUES OF REAL PROPERTIES IN THE CITY OF SILAY & MUNICIPALITIES OF MURCIA, SALVADOR BENEDICTO & TALISAY, NEGROS OCCIDENTAL UNDER THE JURISDICTION OF REVENUE DISTRICT OFFICE NO. 77 (BACOLOD CITY), REVENUE REGION NO. 12 (BACOLOD CITY) FOR INTERNAL REVENUE TAX PURPOSES. T 0

All Internal Revenue Officers and Others Concerned.

Section 6(E) of 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. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties / thlO located in the City of Silay and Municipalities of Murcia, Salvador Benedicto and Talisay, Negros Occidental under the jurisdiction of Revenue District Office No. 77 (Bacolod City), Revenue Region No. 12 (Bacolod City) after public hearing was conducted on June 11, 1996 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.

(SUEZ SALVADOR M.,E ecretary of F' ance RECOMMENDED BY:

LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue lees

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