June 18, 2019
REVENUE MEMORANDUM ORDER NO. 031-19
| SUBJECT | : | Revised Policies, Guidelines and Procedures in the Establishment/Revision of Schedule of Zonal Values of Real Properties within the Jurisdiction of Revenue District Offices and for Other Purposes in Relation to Sec. 6E of R.A. 10963 Otherwise Known as the "Tax Reform for Acceleration and Inclusion" (TRAIN) Law |
| TO | : | All Internal Revenue Officers, Employees and Others Concerned |
I. BACKGROUND
Pursuant to Section 6 (E) of the National Internal Revenue Code (NIRC) of 1997, the Commissioner of Internal Revenue (CIR) has the power and authority to determine and prescribe the fair market values of real properties, which are commonly known as zonal values. With the passage of Republic Act 10963, otherwise known as TRAIN Law, this power of the CIR to prescribe the zonal values had been amended and read as follows: AScHCD
"Section 4. Section 6 of the NIRC,as amended, is hereby further amended to read as follows:
Sec. 6. Power of the Commissioner to Make Assessments and Prescribe Additional Requirements for Tax Administration and Enforcement. —
xxx xxx xxx
(E) Authority of...
