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Tax
BIR updates Quezon City zonal values
18 Mar 2016THE BUREAU of Internal Revenue (BIR) has updated the zonal values of real properties in Quezon City, which had remained unchanged for more than 14 years.
Finance Secretary Cesar V. Purisima, through Department Order (DO) 004-2016 published on a newspaper on Wednesday, approved the implementation of the revised zonal values.
The order dated Jan. 12 covers real properties located within the jurisdiction of BIR Revenue District Office No. 39 -- South Quezon City. This implements the fifth revision of the zonal values in the area last revisited in 2003.
“This order is issued to implement the revised zonal values of real properties for the purposes of computing any internal revenue tax due on sale/transfer or any other disposition of real properties,” DO 004-2016 read.
The new zonal values shall apply provided they exceed the fair market value shown in the schedule of values of the provincial or city assessors as well as the gross selling price or consideration shown in the duly notarized document of sale or transfer of real properties.
The adjustment of the zonal values should not increase taxes paid for the disposition of real properties, BIR Commissioner Kim S. Jacinto-Henares said in a text message.
“[T]he zonal value is determined by the amount properties are being sold there. It only means taxpayer should not cheat at an amount lower than the zonal value,” Ms. Jacinto-Henares noted.
The BIR commissioner possesses the authority fix the zonal value schedule under Section 6 (E) of Republic Act No. 8424 or the Tax Reform Act of 1997.
The law authorizes the BIR commissioner to divide the Philippines into different zones or areas and determine the fair market value of real properties there for internal revenue tax purposes.
“An adjustment is good provided it can reasonably approximate the correct values of the property,” P&A Grant Thornton Tax Advisory and Compliance Division Head Eleanor L. Roque said in a text message.
Ms. Roque added that, on the government’s part: “an upward adjustment in the zonal values will increase the tax base for transactions, which are based on fair market values such as capital gains tax.”
As published in Business World dated 18 March 2016 by Keith Richard D. Mariano
Also appears under...