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It also contains copy of the Tax Code, BIR Forms, Zonal Values of real properties, and other tax information materials.
BIR zonal values refer to the minimum values set by the Bureau of Internal Revenue for different areas or zones within a city or municipality. These values represent the estimated market worth of properties in a particular location as determined by the BIR.
25 sty 2024 · Zonal value refers to the assigned value on real estate properties intended for taxation purposes. This assignment is a principal function of the Bureau of Internal Revenue (BIR) in the Philippines, made possible by Republic Act No. 8424’s Section 6 (E) – also known as the Tax Reform Act of 1997.
The Bureau of Internal Revenue uses Zonal Value as the foundation for calculating internal revenue taxes, particularly on Capital Gains Tax (CGT) and Documentary Stamp Tax (DST). It is an approved zonal schedule of fair market values for real property.
8 kwi 2022 · BIR zonal values are still important as you will use them to compute for the real estate taxes, that you, either as a buyer or a seller, will pay, when you buy or sell a property. This applies to all properties, foreclosed or otherwise, or even as you own a property in the form of real property taxes (RPT).
21 paź 2022 · The term Zonal value refers to the property value placed on real estate properties for taxation purposes, which is the basis for our Bureau of Internal Revenue (BIR). Republic Act No. 8424's Section 6 (E) or the Tax Reform Act of 1997 gives the BIR commissioner the power to fix the zonal value schedule.
The Philippines is in need of a real estate price index, given the shortcomings of the existing zonal valuation system of the government and the impact this has on government revenue, financial stability, land allocation and use, policies, and legislation.
