Thursday, 25 March 2010 00:00 [ manilatimes.net ]
THE Department of Finance (DOF) said it has revised the composition of the various committees involved in zonal valuation at the Bureau of Internal Revenue (BIR).
Previously, a centralized committee consisting of senior people in the DOF and the BIR was involved in zonal valuation.
Unchanged since five years ago, the existing structure resulted in a tedious and long processing and approval of real property valuations.
The processing and approval would be the responsibility of the regional director and the revenue district officers (RDO).
The BIR committees consist of the executive committee on Real Property chaired by the regional director, Technical Committee on Real Property Valuation chaired by the assistant regional director and the Sub-Technical Committee on Real Property chaired by the RDO and co-chaired by the assistant RDO.
The executive committee will study and approve the proposed schedule of zonal values prepared by the sub-technical committee as reviewed by the technical committee. They will also deliberate and resolve cases referred by the technical committee.
The sub-technical committee is tasked to study and prepare the schedule of recommended zonal values of real properties under the jurisdiction of the RDO and conduct a public hearing on the proposed values.
In addition, the chairman of the said committee must affirm and proceed with the establishment/revision of the schedule of zonal values if there was no available private appraisers in the locality or if a member of the sub-technical committee failed to attend meetings.
The establishment or revision of the schedule of zonal values should be based on the average of the two highest recommended values or best data/documents available.
All provincial, city and municipal assessors are required to render assistance to these committees in the determination of real properties in their areas of jurisdiction.
“[The department order] will now expedite the updating of all zonal valuations of real properties in the country would correspond to increase in taxes collected from transactions of these properties. All revenue district offices throughout the Philippines have been mandated to complete their updating of their zonal valuation not later than June 30, 2010,” the BIR said in a statement.
The zonal value of a real property is the basis for the computation of capital gains tax and transfer taxes for sellers of real properties not used in business.
Lailany P. Gomez
read more > > > DOF DEVOLVES PROCESSING AND APPROVAL OF ZONAL VALUES