REVENUE MEMORANDUM CIRCULAR NO. 114-2024
This circulates the DO No. 72-2024 which revokes the implementation of DO No. 62-2024. Pursuant to the repeal of Section 6(E) of National Internal Revenue Code of 1997, as amended, under RA No. 12001, or the Real Property Valuation Assessment Reform Act, this order was issued to nullify the previously issued order concerning the implementation of the revised schedule of zonal values of real properties within the jurisdiction of Revenue District Office (RDO) No. 93B – Zamboanga Sibugay.
Under Section 18 (a)(3) of RA No. 12001, the Commissioner of Internal Revenue shall use the Schedule of Market Values or the actual gross selling price in consideration, as stated in real property transaction documents, whichever is higher, in computing any internal revenue tax.
With that, the taxpayers may file a claim for refund of taxes erroneously paid because of the increase in zonal values of real properties covered by the said revoked order.