REPUBLIKA NGPILIPINAS MINISTRI NG PANANALAPI MAYNILA

MINISTRY ORDER NO. 21-86 September 5,.,1986 SUBJECT:.

Creation of an EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION, to determine the Zonal Fair Market Values of Real Property for Purposes of Computing any Internal Revenue Tax.

Pursuant to Section 16(e) of the National Internal Revenue Code, as amended by P.D. 1994, an EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION is hereby created, which shall be composed of the following: Chairman

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Commissioner of Internal Revenue Bureau of Internal Revenue

Members

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Director Office of Local Government Finance Ministry of Finance

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Director Regional Development Staff National Economic & Development Authority

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Executive Director National Tax Research Center

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Assistant Commissioner (Having Supervision Over Regional Offices) Bureau of Internal Revenue Two (2) Representatives from Association of Private Real Estate Appraisers and Real Estate Brokers

Secretariat

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Assistant Commissioner, National Assessment Office and Chairman of Technical Committee on Real Property Valuation

The Committee shall study, analyze and approve the zonal schedules of fair market values of real properties prepared by the TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION under Ministry Order No. 20-86 dated September 5, 1986 , to be used as basis for the computation of any internal revenue tax. All provincial, city and municipal assessors, are hereby directed to render assistance to the Committee.

ISANG BANSA, ISANG DIWA, ISANG WIKA

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The Committee may likewise be authorized to avail of the services of any personnel of this Ministry or its Bureaus or Offices. The Chairman, Members and Secretariat shall be entitled to honoraria and travelling expense authorized under existing laws. This Order takes effect immediately.

JALVD& V. ONGPIN Minister of Finance