RMO No. 29-2022 — Prescribes the policies and guidelines in the conduct of public auction of distrained personal properties, seized/levied real properties and acquired personal and real assets Digest | Full Text | Annex 1 | Annex 2 | Annex 3 | Annex 4 | Annex 5

REPUBLIC OF THE PHILIPPINES BLREAU OF INTERNAL REVENUE THYT Y

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City MAY 25 2022 t020

RECORDS MGT.DIVISION May 12, 2022

REVENUE MEMORANDUM ORDER NO. 29 - 202 2

SUBJECT :Policies and Guidelines in the Conduct of Public Auction of Distrained

Personal Properties, Seized/Levied Real Properties and Acquired Personal and Real Assets

TO All Internal Revenue Officials, Employees and Others Concerned

I BACKGROUND

levied and acquired assets shall be provided in this memorandum order. and responsibilities of Seizure Agents and concerned Collection Offices have been restructured. In this connection, there is a need to formulate certain policies and procedures for the administration of the execution of summary remedies including the conduct of auction sale for distrained personal properties, seized/levied real properties and acquired personal and real assets. The updated policies and guidelines for the conduct of public auction sale for distrained, With the institutionalization of the Centralized Arrears Management, some of the duties

H. OBJECTIVES

This Order is issued to:

1. Update procedures in the conduct of public auction sale for distrained personal properties, seized/levied real properties and acquired personal and real assets:

2 Identify the responsible Offices for the conduct of public auction sale:

3 Determine the appropriate minimum bid/floor price, as well as the qualification of bidders; and

O Delineate other duties and responsibilities of concerned offices.

HI. DEFINITION OF TERMS

1.Personal Property - consists of those movable properties (chattels/personality) which may include personal tangible assets (e.g. machineries, furniture and fixture, equipment, etc.) or intangible assets (e.g. shares of stocks, deposits in banks, bonds, Securities, etc.).

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2 Real Property - refers to any land and the improvements introduced to it that are made

by human efforts (buildings, acquisition of various property rights, machineries that are permanently attached to the land, and the like).

3 Distrained and Levied Properties -- pertains to a personal and real property that has

beer seized by the Bureau which will be sold through public auction to satisfy the tax liability of a delinquent tarxpayer who failed to pay his/her tax obligation.

4 Acquired Assets - refers to personal properties subject of an auction proceeding under

Section 209 of the Tax Code, as amended, that were declared purchased in favor of the government pursuant to Section 212 of the Tax Code, as amended, as well as the real properties: subject of an auction proceeding under Section 213 of the Tax Code, as amended, that were declared forfeited in favor of the government pursuant to Section purchased in favor of the government). 215 of the Tax Code, in partial or full satisfaction of the delinquent taxpayer's tax liabilities where, in case of real properties, the one (1)-year redemption period has already lapsed. (Note: There is no redemption for personal properties declared

Authorized Government Depository Banks (AGDB) - refers to a bank where J

goverriment depository bank. government entities are allowed by law to deposit their funds and maintain depository accounts or by way of exception, a bank authorized by the Department of Finance (DOF) and the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) to be a

6.Notice of Sale (NOS) - refers to the public notification for the auction sale of distrained. levied or acquired assets which contains. among others, the list of the assets to be sold including their respective classificatioris and the minimum bid/floor prices.

I Public Auction Sale - refers to a mode of sale being made in behalf of the government

in which personal or real properties are being sold to multipie buyers through competitive bidding where the potential buyers are given equal chance to compete on the basis of their bid prices/offers which should be equal to or more than the set minimum bid/floor price. The properties covered by the sale are distrained personal properties, seized/ levied properties and acquired personal and real properties absolutely owned by the government.

8 Redemption Period - it is the one (1) year grace period, from the date of sale, given to

the delinquent taxpayer-owner of a certain real property subject of a public auction proceeding within which to redeem the property.

9. Date of Sale - Pertains to the date of registration of the Certificate of Sale or the when the property was sold in a public a'uction. Dec aration of Forfeiture of Real Property in favor of the government in the Office of the Registry of Deeds or Assessor's Office for untitled properties and not to the date

10. Escrow Account - refers to a bank account in an AGDB which shall be raised by a redemption, the delinquent taxpayer shall include payment of Escrow Account fee. winnirig bidder for payment of a real property sold through public auction. In case of

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11. Independent Appraiser shall suggest for the market value of a real property in a public auction. -- an unbiased professional appraiser who shall determine or

12. Mega Revenue Regions - refers to Revenue Region Nos. 4-Pampanga, 5-Caloocan, 6. CABAMIRO, 9B-LAQUEMAR and LTS. Manila, 7A-Quezon City, 7B-East NCR, 8A-Makati, 8B-South NCR, 9A-

IV. POLICIES AND GUIDELINES

A. The following policies and guidelines shall be observed by all concerned in the disposal of distrained and levied properties:

1. Disposal of distrained and levied properties taken for the payment of the tax liabilities of delinquent taxpayers shall be done by the following Offices:

a Regional Collection Division - Arrears Management Section (RCD-AMS); b.Large Taxpayers Collection Enforcement Division (LTCED);

Large Taxpayers Division - Cebu/Davao; and

d Accounts Receivable Monitoring Division -- Collection Enforcement

Monitoring Section (ARMD-CEMS)

the same, regardless of the geographical location of the property seized, provided the delinquent taxpayer-owner is within its jurisdiction. The Office which seized, distrained or levied the properties shall be the one to dispose

2 A Bids and Awards Committee (BAC) shall be created by the concerned Regional Office/Service for the purpose of the disposal of distrained or levied properties.

3 The public auction sale of personal or real property shall be done on an " AS IS WHERE beneficial to the government and practicable by the concerned BAC. IS BASIS". Disposal of real properties shall be on a title by title basis, while by lot or on a per item basis may be done for personal properties, whichever is deemed most

4. Prior NOS shall be required as follows:

a. Personal Properties -- Posting of NOS (Annex 1) in not less than two (2) public places in the municipality or city where the distraint is made.

b. Real Properties --- Posting of the NOS in not less than two (2) public places in the for three (3) consecutive weeks in a newspaper of general circulation. municipality or city where the property is located and publication once a week

One place for the posting of NOS shall be at the office of the Mayor of the City or municipality where the property is located.

5. The auction sale shall be conducted on the date, time and place specified in the NOS.

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6. The NOS shall contain the foliowing information:

a Place of Sale:

b Date and Time of Sale:

C Owner of the Property;

DescriptionofPersonal/RealProperties(Title/TaxDeclaration Classification, Location, Area); No.

Amount of Minimum Bid; and

f.Authorized Signatory.

7. The sale of distrained, levied properties and acquired assets in a public auction shall be

COA representative fails to attend, the auction sale may still proceed and shall be done through sealed bids to be witnessed by a representative of the COA. The COA considered valid. representative shall be invited to attend and witness the auction sale. However, if the

8. The Minimum Bid/Floor Price shall be the following:

8.1 Personal Properties

a Appraised value determined by an appropriate independent appraiser contracted

by BIR; or

b. With respect to shares of stocks, the Minimum Bid/Floor Price shall be the book

Commission (SEC). Provided that the BIR may directly trade stocks listed in the broker. value based on the latest audited financial statements of the issuing company that are compliant with the fair value accounting under the Philippine Financial Reporting Standards (PFRS) prescribed by the Securities and Exchange Philippine Stock Exchange (PSE), only through a PSE accredited/licensed stock

8.2 Real Properties

For Seized properties:

a. The latest Fair Market Value (FMV) as determined by the Commissioner based

on the prevailing Department Order bearing on the published Schedules of Zonal Values of Real Properties; or

b. The FMV shown in the latest tax declaration issued by the provincial, city or municipal assessor.

Only bids equal to or higher than the set floor price/minimum bid price shall be accepted by the concerned BAC

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A bid bord equivalent to 10% of the minimum bid price per item/lot shall be required from each bidder which shall accompany the Application for Bid, which shall form part of the payment of the wirning bidder. The bid bond may be:

d Manager's check or cashier's check, payable and duly issued in the name of the

"Bureau of Internal Revenue":

b. Cash in Philippine currency; or

c.Combination thereof.

Only the bid bond of the winning bidder shall be issued a corresponding Official Receipt by the Revenue Collection Officer/Special Collecting Officer (RCO/SCO). The amount of bid bonds posted by losing bidders shall be returned immediately after the public auction of a particular property.

Posting or presenting a bid bond in an amount less than 10% of the floor/minimum bid price automatically disqualifies the prospective bidder from participating in the scheduled public auction.

10. In cases where only a single bidder participated in the public auction of distrained/levied

property, the bid price on the said property offered by the single bidder may be accepted. the distrained/levied property, subject to the prescribed minimum amount of the bid price and posting of the ten percent (10%) bid bond thereon. with the official declaration thereafter that the single bidder as the winning bidder on

before the day fixed for the sale when the delinquent taxpayer satisfy any of the following: The distrained and levied property may be excluded from the auction at any time on or

2 Payment of liability per sec. 215 of the National Internal Revenue Code

(NIRC):

b. Avatilment of remedies under sec. 204 of the NIRC;

c. Availment of tax arrinesty program; or

d. Court orders/Injunctive.

With the settlement of the tax liability, either through full payment and/or approved settlernent application, the BIR shall return the distrained personal properties to the delinquent taxpayer and/or effect the lifting of the Notice of Tax Lien (NTL)/ Notice of Levy (NOL) on the levied real properties with the concerned Registry of Deeds and/or Assessors Office.

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11. Payment of Bid Amount by the Winning Bidder.

a. For Distrained Properties:

including the delinquency penalties and interest that has accrued thereto up to the If the amount of bid is less than or equal to the Outstanding Tax Liability (OTL) date of sale and the expenses of sale, require the winning bidder to pay in cash or BIR Form No. 0605 for partial or full payment of the tax due and issue the the tax liability and Official Receipt for the amount of the expenses of sale. in Manager's Check payable to the Commissioner of Internal Revenue. Prepare corresponding Revenue Official Receipt (ROR) for the amount to be credited to

and interest that has accrued thereto up to the date of sale and the expenses of the Commissioner of Internal Revenue separately for the amount to be credited to the OTL, including the expenses of the seizure and sale, and to the delinquent taxpayer for the excess of the proceeds of the sale. If the amount of bid is more than the OTL, including the delinquency penalties sale, require the winning bidder to pay in cash or in Manager's Check payable to

sale, require him/her to issue an acknowledgement receipt for the amount he will If the delinquent taxpayer is willing to accept the excess of the proceeds of the

receive.

taxpayer shall be notified of this action. If the delinquent taxpayer refuses to accept the same, refer the case to the Legal Division/Legal Group for consignment to the proper court. The delinquent

b.For Sale of Levied Properties:

Require the winning bidder to open an escrow account in an Authorized Government Depository Bank (AGDB) within the jurisdiction of the Office which conducted the sale or has jurisdiction over the delinquent taxpayer:

i. If the winning bid amount is greater than the OTL, the amount to be tax liability including surcharges and interest plus expenses of the sale. The deposited in the escrow account shall be the amount to be credited to the

excess of the proceeds from the auction sale of real properties shall be returned to the delinquent taxpayer. If the delinquent taxpayer refuses to accept the same, refer the case to the Legal Division/Legal Group for consignment to the proper court. The delinquent taxpayer shall be notified of this action.

ii. If the winning bid amount is equivalent to or less than the OTL, the amount

to be deposited in the escrow account shall be the entire purchase price.

iii. A copy of the Escrow Account agreement and other pertinent documents required by the BIR relative to such agreement must be submitted by the winning bidder to the Bureau as proof of payment for the auctioned

property.

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Iv. The escrow amount shall not be released for payment of the tax liabilities period. If the delinquent taxpayer fails to exercise his/her/its right to the tax liability/ies of the delinquent taxpayer. of the delinquent taxpayer until after the lapse of the one-year redemption to the BIR before the issuance of a Deed of Conveyance to the winning redemption, a Notice of Release of Escrow Deposit, shall be issued by the concerned winning bidder to the bank for the release of the escrow amount bidder. The corresponding revenue official receipt (ROR) shall be issued by the Administrative and Human Resource and Management Division (AHRMD) of the concerned Regional Office where the auction sale was conducted on the release of the escrow amount as full or partial payment of

12. Redemption of the Levied Property Sold at Public Auction:

a During the redemption period, the delinquent taxpayer shall not be deprived of

income therefrom until the expiration of the time allowed for its redemption. the possession of the said property and shall be entitled to the rents and other

b Redemption of the auctioned real property in cases of the following scenarios:

If the property is sold to the winning bidder where the purchase price is less than the OTL including the delinquency penalties, the amount to be paid by the delinquent taxpayer shall include the following:

Y Outstanding tax liability; T Delinquency increments;

Y Costs of seizure;: All other expenses incurred prior to the auction sale. Maintenance and preservation of the levied property: Cost of publication; and

winning bidder. The fifteen percent (15%) interest and escrow fee shall be refunded to the

ii. If the property is declared forfeited by the government for failure of bidding jurisdiction over the property. delinquency to the date the property was sold in a public auction, the OTL including the delinquency penalties, the delinquent taxpayer or his legal representative may redeem the property by paying the outstanding tax liabilities, penalties and interest thereon computed from the date of maintenance and preservation of the levied property, and the expenses of sale, within one (l) year from the date of declaration of forfeiture was where the value of the property declared forfeited is enough to cover the registered with the Registry of Deeds/Assessor's Office who has

jii. If the property is declared forfeited by the government for failure of bidding where the value of the property declared forfeited is not enough to cover the OTL including the delinquency penalties, the delinquent taxpayer or his liabilities, penalties and interest thereon computed from the date of legal representative may redeem the property by paying the outstanding tax

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property declared forfeited, the maintenance and preservation of the levied Deeds/Assessors' Office who has jurisdiction over the property. property, and the expenses of sale, within one (1) year from the date of declaration of forfeiture was registered with the Registry of delinquency to the date of redemption after deducting the value of the

C Payment of the redemption amount shall be in cash or manager's check.

d In case the delinquent taxpayer exercises the right of redemption, a Notice of

auction to the bank and the escrow deposited shall be released by the bank to the Release of Escrow Deposit, shall be issued by the BIR Office that conducted the winning bidder.

13. The Commissioner or his duly authorized representative shall purchase/forfeit the Deeds/Assessors' Office who has jurisdiction over the property. distrained/levied property in the name of the National Government in case of failure of bidding. A declaration of forfeiture shall be issued and filed with the Registry of

14. For the auction of distrained property, the BIR shall issue a Certificate of Sale of is absolute and such property is not subject to redemption by the delinquent taxpayer. Personal Property to the winning bidder upon full payment of the bid amount or a Bill of Sale if the properties sold are stocks or other securities. The sale of personal property

15. For the auction of levied Real Property, a Certificate of Sale of Real Property shall be issued to the winning bidder after full amount of the bid amount has been deposited in for the delinquent taxpayer. In case of non-redemption, a Deed of Conveyance shall be an escrow account by the winning bidder. A one-year redemption period is provided issued to the winning bidder.

16. The remedy by distraint of personal property and levy on real property may be repeated delinquency that has accrued thereto has been paid by the delinquent taxpayer. if necessary until the full amount of the tax due, including the penalties incident to

B. Policies and guidelines for the conduct of public auction of acquired assets:

Disposal of Acquired Properties within Revenue Region (RR) No. 4 to 9B shall be done by FAMU. For other RRs, their respective Regional Collection Division shall be responsible for the disposal of acquired properties within their jurisdiction.

2. A Bids and Awards Committee-Acquired Assets (BAC-AA) shall be created both in to administer and supervise the disposal of all acquired assets thru public auction. the Regional Offices (Non-Mega Regions) and in the National Office (Mega Regions),

3 The public auction sale of the personal or real property shall be done on an "AS IS basis, while personal properties, the auction sale thereof may be done by lot or on a per item basis, whichever is deemed most beneficial to the government and practicable by the concerned BAC-AA, in consultation with the COA. WHERE IS BASIS". For real properties, the disposal thereof shall be on a title by title

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4 The auction sale shall be conducted on the date, time and place specified in the NOS

(Annex 5).

The NOS shall contain the following information:

a Place of Sale:

b.Date and Time of Sale;

O Description of Personal/Real Properties (Title/Tax Declaration No.

Classification, Location, Area):

d. Amount of Minimum Bid

Authorized Signatory; and C

A statement that "THE GOVERNMENT RESERVES THE RIGHT TO REJECT OR CANCEL ANY OR ALL BIDS.*:

6. A COA representative shall be invited to attend and witness the auction sale. However. Sealed bids to be witnessed by a representative of the COA. if the COA representative fails to attend, the auction sale may proceed and shall be considered valid. The sale of acquired assets in a public auction shall be done through

7. The Minimum Bid/Floor Price shall be the highest among the following:

a. The latest FMV as determined by the Commissioner based on the prevailing

Department Order bearing on the published Schedules of Zonal Values of Real Properties:

b. The FMV shown in the latest tax declaration issued by the provincial, city or

municipal assessor:

. Assess value as determined by an independent appraiser contracted by the BIR;

FMV thereof, notwithstanding the existence of an updated zonal value; or Provided that an independent appraiser may only be contracted by the BIR when the FMV as determined under paragraph (a) is already beyond three years and is due for updating as required under Revenue Memorandum Order (RMO) No. 31- 2019. Provided further, That for properties with improvement thereon, an independent appraiser shall be contracted by the BIR for the determination of the

d. With respect to shares of stocks, the Minimum Bid/Floor Price shall be the book Philippine Stock Exchange (PSE), only through a PSE accredited/licensed stock broker. value based on the latest audited financial statements of the issuing company that are compliant with the fair value accounting under the Philippine Financial Reporting Standards (PFRS) prescribed by the Securities and Exchange Commission (SEC). Provided that the BIR may directly trade stocks listed in the

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8. A bid bond equivalent to 10% of the minimum bid price per item/lot shall be required

of the payment of the winning bidder. The bid bond may be: from each bidder which shall accompany the Application for Bid, which shall form part

a Manager's check or cashier's check, payable and duly issued in the name of the "Bureau of Internal Revenue":

b. Cash in Philippine currency; or

C Combination thereof.

particular property. Receipt by the AHRMD/Special Collecting Officer (SCO). The amount of bid bonds posted by the losing bidders shall be returned immediately after the public auction of a Only the bid bond of the winning bidder shall be issued a corresponding Official

Posting or presenting a bid bond in an amount less than 10% of the floor/minimum bid price automatically disqualifies the prospective bidder from participating in the scheduled public auction.

9. In cases where only a single bidder participated in the public auction of acquired assets the bid price_.on,the said property offered by the single bidder may be accepted, with the official declaration thereafter that the single bidder as the winning bidder on the acquired assets, subject to the prescribed minimum amount of the bid price and posting of the ten percent (10%) bid bond thereon.

10. The registered bidder who submits the highest bid shall be declared as the winning bidding shall be immediately conducted until such time that the same is broken. bidder, and shall be awarded the auctioned property. In case of tie-bids, a new sealed

from receipt of the Notice of Award, either in cash or manager's check to the The winning bidder shall pay the full amount of his bid within two (2) working days

that conducted the auction. Commissioner of Internal Revenue or the Bureau of Internal Revenue, thru the office

and the award void. The bidder's bond shall be forfeited in favor of the government. bidder within which to fully pay the bid price, shall render the winning bidder in default Failure or refusal of the winning bidder to pay the full amount of the bid within the prescribed period, unless the Commissioner allows an extension of time to the winning

In case of default by the winning bidder, the next highest bidder, after being duly. defaulting winning bidder and shall be awarded the auctioned property. notified, may increase his/her bid to the amount equal or higher than that of the

11. The previous owner or current occupant of the property or his duly authorized Chairman bangs the gavel for the declaration of the winning bidder, provided that: in an amount more than the offer of the declared highest bidder before the BAC-AA representative through a valid Special Power of Attorney (SPA) may increase his bid

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a. He/she participated in actual bidding; and

b. Inserted in his/her bid envelope any of the following proofs of occupancy indicating the address of the subject property:

i. Barangay Certificate of Residency;

ii. Valid government issued ID: and

iii. Latest billing statement under the Bidder's Name from two (2) service providers.

occupant. If the previous owner is deceased, the same privilege shall be given to the heirs. In cases where both the previous owner and the current occupant participated in the auction sale, the previous owner shall be given priority over the current

12. All awards made by BAC-AA shall be subject to prior clearance/confirmation by the Commissioner, as reflected in the Report of Acquired-Assets Sold through Public Auction for Confirmation/Approval.

the awards and/or contracts: Any of the following instances shall constitute sufficient ground for the cancellation of

a.Fraudulent acquisition of the property:

b. Violation of the terms and conditions of the award;

c.Violation of the terms and conditions in the Deed of Absolute Sale:

d. Violation of existing laws, rules, regulations, and ordinances;

e Failure to pay the bid amount in full within two (2) days from receipt of Notice of Award; and

f. Other instances analogous to the above-mentioned grounds.

re-disposed of in accordance with the same policies and procedures prescribed herein. Acquired real assets repossessed through cancellation of award or sale shall be

necessary certificate of title and/or tax declaration shall be borne by the winning Republic of the Philippines to the winning bidder, as well as the issuance of the bidder. All the applicable taxes and expenses relative to the transfer of ownership, from

occupants, if any, at his own expense, on the auctioned real property and in The winning bidder shall be responsible for the ejection of informal settlers and/or

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hauling/transporting the auctioned personal properties from the auction site to the intended place of destination.

V PROCEDURES

1. Procedures for the public auction sale of Distrained and Levied properties

A. Auction Sale of Distrained Personal Property

The BAC shall:

1. Start the auction sale by reading the NOS aloud for everyone present to hear and set the minimum bid of the government;

2. Call all the participants or bidders. The name of the delinquent taxpayer or his/her representative shall also be called whether present or not;

3 Record the names and addresses of the bidders present as well as the witnesses of the bidding process;

4. Distribute the Guidelines for the Auction Sale and the Application for Bid Forms. The Bid Form shall contain the description of the property, name of the delinquent taxpayer and the terms of payment. Spaces shall also be provided for the name and address of the bidder, the amount of bid and the mode of payment:

5. Gather all the Bid Forms from all the participating bidders;

6.Post the quoted prices of the bidders in the Abstract of Canvass;

7. Determine the highest bidder;

8. Pronounce the highest bidder as the winner;

9. If the amount of bid is less than or equal to the OTL, including the be credited to the tax liability and Official Receipt for the amount of the delinquency penalties and interest that has accrued thereto up to the date of in Manager's Check payable to the Commissioner of Internal Revenue. issue the corresponding Revenue Official Receipt (ROR) for the amount to) Prepare BIR Form No. 0605 for partial or full payment of the tax due and sale and the expenses of sale, require the winning bidder to pay in cash or

expenses of sale.

If the amount of bid is more than the OTL, including the delinquency penalties and interest that has accrued thereto up to the date of sale and the expenses of sale, require the winning bidder to pay in cash or in Manager's Check payable to the Commissioner of Internal Revenue separately for the amount to be credited to the OTL, including the expenses of the seizure and sale, and to the delinquent taxpayer for the excess of the proceeds of the sale:

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10. Deliver to the delinquent taxpayer any excess of the proceeds of the sale. If the delinquent taxpayer refuses to accept the same, refer the case to the delinquent taxpayer shall be notified of this action. Legal Division/Legal Group for consignment to the proper court. The

If the delinquent taxpayer is willing to accept the excess of the proceeds of amount he will receive; the sale, require him/her to issue an acknowledgement receipt for the

11. Issue a Certificate of Sale of Personal Property to the winning bidder upon be presented to the corporation, company or association who shall make the in the name of the buyer, and issue, if required to do so, the corresponding full payment of the bid amount, execute a Bill of Sale if the properties sold corresponding entry in its books, transfer the stocks, or other securities sold certificates of stocks or other securities: are stocks or other securities, and deliver to the buyer. The Bill of Sale shall

12. Pronounce that the property is purchased by the government at sale, if all the bids are lower than the minimum bid of the government, or, if there is no interested bidder; and

13. Prepare Minutes/Report of a Tax Sale to RCD-AMS/LTCED/ARMD- * CEMS within five (5) days after the sale and attach copy of the report to the docket as official record; the report shall recite the actual proceedings of the sale, how it was conducted and all pertinent matters regarding the same.

A.1 Release of Distrained Property to the Delinquent Taxpayer

The RCD-AMS/LTCED/ARMD-CEMS shall:

Receive copy of the proof of payment (validated BIR Form No. 0605/Confirmation receipt/ROR) made by the delinquent taxpayer prior to the sale and confirm validity of such payment in the ITS-CBR;

2. Require the delinquent taxpayer to reimburse all expenses attendant to seizure/preservation and maintenance of distrained property as well as other expenses incurred prior to the sale thereof;

3. Prepare a Memorandum of Release of Distrained Property (Annex 2) containing the list of the seized items and forward the same to the authorized signatory for signature;

4. Require the delinquent taxpayer to acknowledge receipt of the Memorandum returning his property by affixing his/her signature in both copies of the Memorandum;

5. Require the delinquent taxpayer to physically remove/retrieve the distrained properties from BIR custody and/or turn-over immediately to the same, the stock certificates, bonds and other readily movable items;

6.Attach the original copy of the Memorandum to the docket of the case:

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I Prepare another memorandum to the RCD/LTDO Chief, copy furnished the

Chief, LTCED, for the cancellation of the case in the GCL;

8 Transmit the docket to the AHRMD/NO-Records Division for safekeeping

and future reference:

9. Prepare and submit Monthly GCL and Monthly Updates of Delinquent the Regional Collection Division/LTCED: Accounts on the 10th day of the following month to ARMD, copy furnished

10. Record the case as closed and transmit docket to the AHRMD/ NO-Records Division for future reference, if the proceeds of the sale fully satisfy the tax continue the collection enforcement action until the full amount of the tax liability, including the delinquency interest that has accrued thereto. If not. liability has been fully satisfied;

11. Prepare a Report of Seized Properties Sold Thru Public Auction Sale and Regional Director/Assistant Commissioner of Internal Revenue Large Collection Service not later than the fifteenth (15th) day of the following submit the same not later than the 10th day of the following month to the Taxpayer Service (ACIR-LTS) for submission to the ARMD thru the month; and

12. Prepare and submit Monthly General Control Ledger (GCL) and Monthly ARMD copy furnished Regional Collection Division and the Large Update of Delinquent Accounts on the 1oth day of the following month to Taxpayers Service.

B. Auction Sale of Levied Real Property

The BAC shall:

1 Start the auction sale by reading the NOS aloud for everyone present to hear

and set the minimum bid of the government:

2. Call all the participants or bidders. Call the name of the delinquent taxpayer or his/her representative, whether present or not;

3. Record the names and addresses of the bidders present as well as the witnesses of the bidding process;

4 Distribute the Guidelines for the Auction Sale and the Application for Bid

mode of payment; Forms. The Bid Form shall contain the description of the property, name of the delinquent taxpayer and the terms of payment. Spaces shall also be provided for the name and address of the bidder, the amount of bid and the

5.Gather all the bid forms from the participating bidders:

6. Post the quoted prices in the Abstract of Canvass;

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1 Determine the highest bidder:

8 Forfeit the sale in favor of the government, if the highest bid is lower than

Recommend to the AMS/LTCED the issuance of a Declaration of Forfeiture; the minimum bid of the government or there is no interested bidder.

9 Pronounce the highest bidder as the winner:

10. Require the winning bidder to open an escrow account in a Bank but the sale or has jurisdiction over the delinquent taxpayer: preferably an AGDB within the jurisdiction of the Office which conducted

a. If the winning bid amount is greater than the OTL, the amount to be

properties shall be returned to the delinquent taxpayer. If the the tax liability including surcharges and interest plus expenses of the sale. The excess of the proceeds from the auction sale of real delinquent taxpayer refuses to accept the same, refer the case to the Legal Division/Legal Group for consignment to the proper court. The deposited in the escrow account shall be the amount to be credited to delinquent taxpayer shall be notified of this action.

"If the winning bid amount is equivalent to or less than the OTL, the purchase price: amount to be deposited in the escrow account shall be the entire

11. Provide all the necessary documents and signatures required by the Bank needed to arrange the escrow agreement. them the authorization coming from the BIR and other pertinent documents for the opening an escrow account by the winning bidder. A Revenue Officer, authorized by the head of office which conducted the sale, together with the winning bidder shall present themselves to the bank carrying with

property: A copy of the Escrow Account agreement and other pertinent documents required by the BIR relative to such agreement must be submitted by the winning bidder to the Bureau as proof of payment for the auctioned

12. Maintain a record of "Certificate of Escrow Deposit by capturing the following information:

a Name of the delinquent taxpayer:

b Amount of the OTL:

C Date of the Public Auction:

Nature of the Property Seized and Sold (e.g., real property -- TCT No., Area, Location);

UREAUQE INTENYNALRVENU RMO 15|28 L

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e. Amount of Bid Price deposited in escrow;

f.Name of the AGDB and its address; and

2. Date the Certificate of Sale was registered with the Registry of

Deeds;

13. Maintain a record of cases which were referred to the Legal Division/Legal Group for consignment to proper courts. The record shall include the following information:

a. Name of the delinquent taxpayer;

b. Excess amount of deposits of the sale:

C. Date of check; and

d.Name of the AGDB and its address;

14. Sign the consent letter of withdrawal upon application of the delinquent taxpayer to withdraw the 2nd Escrow Deposit;

15."Prepare the Certificate of Sale and have it signed by the BAC Chairman:

16. After the full payment to the BIR has been made, release to the winning bidder the Certificate of Sale (Annex 3), with instruction to have the same in the concerned Original Certificate of Title (OCT) or Transfer Certificate registered with the Register of Deeds by requesting the latter to annotate it of Title (TCT):

17. Require the winning bidder to submit a certified copy of the OCT/TCT with annotation of the Certificate of Sale for purposes of monitoring the redemption period and furnish the delinquent taxpayer with copy of the Certificate of Sale; and

18. Prepare Minutes/Report of a Tax Sale within two (2) days after the sale and attach copy of the report to the docket as official record. The report shall pertinent matters regarding the same. recite the actual proceedings of the sale, how it was conducted and all

The RCD-AMS/LTCED/ARMD-CEMS shall:

Prepare a Declaration of Forfeiture for the properties declared forfeited Office who has jurisdiction over the property: during the auction sale and file the same to the Register of Deeds/Assessorsj

2 Prepare a Report of Seized Properties Sold Thru Public Auction Sale and

Regional Director/Assistant Commissioner of Internal Revenue Large submit the same not later than the 10th day of the following month to the Taxpayer Service (ACIR-LTS) for submission to the ARMD thru the

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Collection Service not later than the fifteenth (15th) day of the following month; and

Prepare and submit Monthly GCL and Monthly Update of Delinquent Regional Collection Division; in case of delinquent accounts of large taxpayers, submit to the Large Taxpayers Service. Accounts on the 10th day of the following month to ARMD copy furnished

C. Redemption

C.1 If the Real Property is Redeemed

The RCD-AMS/LTCED/ARMD-CEMS shalI:

1. Prepare the BIR Payment Form for the payment of the redemption amount and issue the same to the delinquent taxpayer; 2. Received from the delinquent taxpayer the deposit slip in the name of the winning bidder for the corresponding fifteen (15%) interest of the BID

price:

3. Receive from the delinquent taxpayer the proof of payment of the redemption amount:

Prepare a Certificate of Redemption for the signature of the duly authorized the delinquent taxpayer the proof of payment of the redemption amount; signatory and issue the same to the delinquent taxpayer, upon receipt from

5 Prepare a Notice of Lifting of the Notice of Tax Lien (NTL) and Notice of

Levy (NOL) and issue the said notice to the delinquent taxpayer, with instruction to present the same to the Register of Deeds:

Prepare a Notice of Release of the Deposit in Escrow to the Bank or AGDB bidder: with instruction to have the check prepared for the account of the winning

7. Record the case as closed if the redemption amount has fully satisfied the transmit the docket to the AHRMD/NO-Records Division for safekeeping the tax liability the collection enforcement action shall continue until its full and future reference. However, if the proceeds were not able to fully satisfy tax liability including the delinquency penalties that has accrued thereto and settlement:

8 Prepare a Report of Properties Redeemed (Annex 4) within the redemption

the following month; and Division/LTS, thru the LTCED for consolidation and submission to the period and submit the same not later than the tenth (10th) day of the following month to the Regional Director, thru the Regional Collection ARMD, thru the Collection Service not later than the fifteenth (15th) day of

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O Prepare and submit Monthly GCL and Monthly Updates of Delinquent

Accounts on the-10th day of the following month to ARMD copy furnished the Regional Collection Division/LTS.

C.2 If the Real Property is not Redeemed

The RCD-AMS/LTCED/ARMD-CEMS shall:

1. Prepare a Notice of Release of the Deposit in Escrow upon the lapse of the one-year redemption period if the delinquent taxpayer did not redeem the property sold at the public auction;

2. Receive the check corresponding to the Deposit in Escrow released by the AAB under the jurisdiction of the office who conducted the sale. In the Officer (RCO) of the concerned office; AGDB and prepare the BIR Payment Form 0605 in the name of the delinquent taxpayer for the payment of his/her/its OTL and pay the same to absence of an AAB, the same shall be paid to the Revenue Collection

3. Prepare an Absolute Deed of Sale to the winning bidder;

4. Deduct the amount paid from the delinquent taxpayer's OTL and inform bid price has been deducted. the delinquent taxpayer of the partial or full settlement of the OTL after the

a.If the amount paid is greater than or equal to the OTL, record the case as closed and transmit docket to the AHRMD/NO-Records Division for safekeeping and future reference, if the proceeds of the sale fully satisfy the tax liability including the delinquent interest that has accrued thereto.

b. If the amount paid is less than the OTL, continue the collection enforcement action until the full amount of the tax liability has been fully satisfied;

5. Prepare and submit Monthly GCL and Monthly Updates of Delinquent Accounts on the-10th day of the following month to ARMD copy furnished the Regional Collection Division/LTS.

2 Procedures for the Public Auction Sale of Acquired Assets

The RCD (For Non-Mega Revenue Regions)/FAMU (For Mega Revenue Regions) shall:

1. Direct and supervise the conduct of ocular inspections of acquired assets susceptibility to erosion of market value due to changes in geographical conditions, advancement of technology, etc.: which are to be disposed of immediately in order to obtain first-hand marketability, their ability to attract prospective or potential buyers, or even observations/information on : their respective status, conditions.

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2 Prepare a report on the results of ocular inspections conducted on acquired

thereof, using the Analysis/Evaluation of Acquired Assets Form; assets which are to be sold/disposed, detailing the current status/conditions

3 Request from the AHRMD/Procurement Division, thru the Regional

Director/ACIR, Administrative Service, the procurement for the service of a professional realty appraiser for the valuation of the acquired assets to be sold;

4 Prepare lists of all acquired assets to be sold, and submit the same to the

BAC-AA, for review and evaluation:

5 Receive quotations from at least three (3) publishers and recommend the

sale, in accordance with existing procurement rules and regulations; lowest price for the publication and advertisement of the scheduled auction

Prepare Guidelines on the Conduct of Auction of Acquired Assets for approval of the BAC-AA:

7. Prepare a Notice of Sale (NOS) of Acquired Assets in quadruplicate copies for signature of the Regional Director/Commissioner and must contain the following information:

a. The floor price or minimum amount of bid:

b. The venue, date and time of public auction:

C. The location and description of property to be sold:

d.The TCT/CCT/OCT number whichever is applicable; and

C A statement that "THE GOVERNMENT RESERVES THE RIGHT

TO REJECT OR CANCEL ANY OR ALL BIDS":

8. Prepare a memorandum to the Regional Director/Commissioner, requesting for the authority to advertise the sale and for funding purposes to cover the estimated expenses to be incurred in the conduct of auction sale:

9. Prepare a request for funding for the expenses in the publication/advertisement of the NOS of acquired assets and the conduct Director/Commissioner: of public auction sale of acquired assets, for the approval of the Regional

10. Request from the Internal Communications Division the posting of the approved NOS of acquired assets and Auction Guidelines in the BIR Website;

11. Coordinate with PIED for tri-media exposure of the conduct of public auction;

RMO 19|28

12. Furnish the COA, at least twenty (20) days before the advertisement of the call to public auction with a copy of the following documents:

a. Program for Disposal with time schedules;

b. Inventory report showing the itemized list and description of the properties to be auctioned indicated in the NOS;

Appraisal report showing the appraised values of the asset, prepared by an independent appraiser; and

d. Disposal procedure adopted. (Pursuant to COA Circular No. 89-296):

13. Cause the publication, of the approved NOS of acquired assets in a date of public auction; newspaper of general circulation at least twenty (20) days prior to the actual

14. Install a Billboard Notice in the location of the acquired asset subject of the sale, stating:

Interested parties may call the BIR Office at Telephone No. "THIS GOVERNMENT PROPERTY IS FOR SALE.

15. Post the copies of the NOS of acquired assets at the entrance of the Provincial, City, and Municipal Buildings, Barangay Halls, Revenue places where the property is located: District Office, Revenue Regional Office, and other public conspicuous

16. Invite a COA representative to attend and witness the conduct of the auction sale;

17. Prepare the following auction sale documents/papers:

a.Application to Bid Form:

b. Abstract of Canvass Form; and

c. Other papers/documents that are deemed necessary in the auction sale:

18. Provide administrative support to the Regional/National BAC-AA.

The Internal Communication Division (ICD) shall:

Post and publish the approved NOS of acquired assets and Auction Guidelines in the BIR website.

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The Public Information and Education Division (PIED) shall:

Coordinate the tri-media exposure on the conduct of public auction of acquired real assets.

The Regional Finance Division shall:

1 Receive the approved request for allocation of necessary funds for the expenses to be incurred in the publication/ advertisement of the NOS of acquired assets and in the conduct of public auction sale of acquired assets; and

2 Allocate and release to the concerned RCD the funds intended for the

NOS of acquired assets and in the conduct of public auction sale of acquired payment of expenses to be incurred in the publication/ advertisement of the assets.

The Regional Director shall:

Constitute the members of the inspection group to conduct actual inspection of acquired real assets for sale/disposal in the Regional Office, if the need arises;

2 Approve the allocation of necessary funds for the publication of the NOs

of acquired assets. The fund shall be provided by Regional Finance Division and shall be made available at least thirty (30) days prior to the actual date of public auction sale pursuant to Section 216 of the Tax Code of 1997, as amended; and

3 Constitute the Regional BAC-AA to undertake the auction sale of acquired

assets. The Regional BAC-AA shall be composed of the following:

Chairman - Assistant Regional Director

Members Chief, Legal Division Chief, Collection Division Chief, Administrative Division Chief, Finance Division

The Assistant Commissioner, Collection Service shall:

1 Constitute the members of the inspection group to conduct actual inspection

of acquired real assets for sale/disposal in the Mega Manila regions, if the need arises; and

2.Request the allocation of necessary funds for the publication of the NOS of acquired assets. The fund shall be provided by Finance Service and shall be auction sale pursuant to Section 216 of the Tax Code of 1997, as amended. made available at least thirty (30) days prior to the actual date of public

BIREALO INTERNALAEM R M O 21|28 Y

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The Commissioner of Internal Revenue shall:

Constitute the National BAC-AA to undertake the auction sale of acquired assets. The National BAC-AA shall be composed of the following representative from:

Property Division General Services Division Finance Service Administrative Service Collection Service Accounts Receivable Monitoring Division Law and Legislative Division Accounting Division Revenue Accounting Division Legal Service

The Regional Bids and Awards Committee-Acquired Assets shall:

1 Receive from the RCD, the list of acquired assets to be sold at public

auction:

." Coordinate with realty appraisers and brokers, tri-media, and other external stakeholders in the bidding process is maximized; agencies/entities before the actual conduct of public auction in order to ensure that the bids and awards processes are undertaken in accordance with the existing rules and regulations, and that the participation of the

3. Determine the floor prices of the properties for auction sale;

Conduct the actual Auction Sale:

a. Require all prospective bidders and/or authorized representatives to register in the Bid Registry upon submission of duly signed and notarized Bidders Acknowledgement and Undertakings and upon Cards (ID's); presentation of least two (2) valid Government issued Identification

b.Provide the prospective bidders with the Application for Bid; and

C. Initiate an open public bidding in the presence of a COA

-As Is Where Is Basis" with the following steps and/or guidelines: representative, as witness, on a parcel by parcel or title by title on an

Read the NOS of acquired assets and the Guidelines for Auction Sale aloud for everyone present to hear:

I'. Officially open the auction proceedings for each property after a single tap of the gavel by the Chairman;

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I. property being auctioned and call all bidders to personally drop Announce the minimum bid for the particular title of the their sealed bids in the box provided for such purpose;

In. Open all the sealed envelopes containing the Applications for Bid in the presence of all bidders:

Post all the bid forms and indicate their quoted prices in the Abstract of Canvass;

Vi Read and announce the name of the bidder/s and the amount of

than the set floor price/minimum bid price shall be considered; the bid bond and bid price. Only bids that are equal to or higher

Vi Deliberate and resolve "tie-bids" and/or "cancelled bids";

Vi. Announce the name of the qualified winning bidder of the auctioned property; and

ix. Officially close the auction proceedings for each property after a single tap of the gavel by the Chairman.

Prepare and submit to the approving authority the necessary documents to effect the transfer of properties to the winning bidders;

1 Forward to the Commissioner, thru the ACIR-CS, FAMU, all the pertinent

auction sale, for evaluation and approval; and Approval within five (5) working days from the date of the public documents relative to the sale together with the Report of Acquired/Forfeited Assets Sold Through Public Auction for Confirmation

7. Issue a Notice of Award to the winning bidder signed by the Chairman. of Absolute Sale duly signed by the Commissioner; Regional BAC-AA, upon receipt of the Confirmation of Acquired Assets Sold through Public Auction Sale for Issuance of Notice of Award and Deed

8. Prepare a Deed of Absolute Sale, for the signature of the Commissioner upon confirmation by the AHRMD of the full payment of the bid price by the winning bidder;

9 Cancel the Notice of Awards, in case of failure or refusal of the winning bidder to pay the full amount of bid within the prescribed period, and forfeit Internal Revenue allows an extension of time for the bidder within which to fully pay the bid price; the bid bond in favor of the government, unless the Commissioner of

10. Notify the defaulting bidder of the cancellation of bids and/or forfeiture of posted bid bond with concomitant notification to the second and third

RMO 23|28 L

highest bidder that they may increase their bids to the amount equivalent or higher than that of the defaulting bidder; and

11. Prepare and submit to the Regional Director the Report/Minutes on the Conduct of Public Auction of Acquired Assets within five (5) working days from the date of sale.

The National Bids and Awards Committee-Acquired Assets shall:

1. Receive from the FAMU, the list of acquired assets to be sold at public

auction;

2 Coordinate with realty appraisers and brokers, tri-media, and other external

agencies/entities before the actual conduct of public auction in order to the existing rules and regulations, and that the participation of the stakeholders in the bidding process is maximized; ensure that the bids and awards processes are undertaken in accordance with

3. Determine the floor prices of the properties for auction sale:

4. Conduct the actual Auction Sale:

Require all prospective bidders and/or authorized representatives to notarized Bidders Acknowledgement and Undertakings and upon register in the Bid Registry upon submission of duly signed and presentation of least two (2) valid Government issued Identification Cards (D's):

b. Provide the prospective bidders with the Application for Bid; and

Initiate an open public bidding in the presence of a COA representative, as witness, on a parcel by parcel or title by title on an "As Is Where Is Basis" with the following steps and/or guidelines:

Y Read the NOS and the Guidelines for Auction Sale aloud

for everyone present to hear:

I. Officially open the auction proceedings for each property

after a single tap of the gavel by the Chairman;

I Announce the minimum bid for the particular title of the

drop their sealed bids in the box provided for such property being auctioned and call all bidders to personally

purpose:

IN. Open all the sealed envelopes containing the Applications for Bid in the presence of all bidders;

the Abstract of Canvass; Post all the bid forms and indicate their quoted prices in

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Vi. Read and announce the name of the bidder/s and the amount of the bid bond and bid price. Only bids that are equal to or higher than the set floor price/minimum bid price shall be considered;

Vil. Deliberate and resolve "tie-bids" and/or "cancelled bids":

Viii. Announce the name of the qualified winning bidder of the auctioned property; and

Ix, Officially close the auction proceedings for each property

after a single tap of the gavel by the Chairman.

5. Prepare and submit to the approving authority the necessary documents to effect the transfer of properties to the winning bidders;

6. Forward to the Commissioner, thru the ACIR-CS, all the pertinent

auction sale, for evaluation and approval; Acquired/Forfeited Assets Sold Through Public Auction for Confirmation and Approval within five (5) working days from the date of the public documents relative to the sale together with the Report of

I Issue a Notice of Award to the winning bidder signed by the Chairman.

of Absolute Sale duly signed by the Commissioner: Sold through Public Auction Sale for Issuance of Notice of Award and Deed National BAC-AA, upon receipt of the Confirmation of Acquired Assets

8. Prepare a Deed of Absolute Sale, for the signature of the Commissioner payment of the bid price by the winning bidder: upon confirmation by the Revenue Accounting Division (RAD) of the full

o Cancel the Notice of Award, in case of failure or refusal of the winning

to fully pay the bid price; bidder to pay the full amount of bid within the prescribed period, and forfeit the bid bond in favor of the government, unless the Commissioner of Internal Revenue allows an extension of time for the bidder within which

10. Notify the defaulting bidder of the cancellation of bids and/or forfeiture of highest bidder that they may increase their bids to the amount equivalent or higher than that of the defaulting bidder; and posted bid bond with concomitant notification to the second and third

11. Prepare the Report/Minutes on the Conduct of Public Auction of Acquired Assets within five (5) working days from the date of sale.

The Regional Director shall:

Review and recommend approval of the Regional BAC-AA's Report of Acquired Assets Sold Through Public Auction.

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The AMS shall:

1. Provide administrative support to the Regional BAC-AA; and

2. Act as secretariat to the Regional BAC-AA.

The FAMU shall:

1. Prepare and forward to NBAC-AA the list of acquired asset to be sold at public auction;

2. Receive from the RBAC-AA's Report of Acquired Assets Sold Through Public Auction for Confirmation and Approval;

3. Review and evaluate the RBAC-AA's Report of Acquired Assets Sold the Commissioner: Award, to determine propriety of the Confirmation of Sale to be issued by. Through Public Auction for Confirmation and Issuance of the Notice of

4. Prepare and submit to the Commissioner, thru the ACIR-CS and the DCIR- Sale for Issuance of Notice of Award and Deed of Absolute Sale; OG, the Confirmation of Acquired Assets Sold Through Public Auction

5 Forward to the concerned Regional BAC-AA the approved Confirmation Notice of Award: of Acquired Assets Sold Through Public Auction Sale for Issuance of

Receive, review and submit to the Commissioner thru the ACIR-CS and the DCIR-OG the Deed of Absolute Sale; and

7. Forward to the concerned RBAC-AA the signed Deed of Absolute Sale for issuance to the winning bidder.

The ACIR-Collection Service, Deputy Commissioners-Operations Group shall:

1. Review and evaluate the recommendations and other documents confirming and approving the sale of acquired assets; and

2. Forward to the Commissioner the recommendation relevant to the and approval. confirmation and approval of the sale of acquired assets, for final review

The Commissioner of Internal Revenue shall:

Approve/confirm the sale of acquired assets through public auction undertaken by the Regional and National BAC-AA, and sign the Deed of Absolute of Sale.

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The AHRMD shall:

1. Administer the confirmation of cash and/or manager's check, for pre- qualification bonds, presented by prospective bidder/s;

Receive cash and/or manager's check and issue the corresponding Official Receipt (Accountable Form No. 51) for the payment of bid bond of the declared winning bidder;

3. Receive from the winning bidder the remaining balance for the full payment of the amount of the bid either in cash or manager's check and issue the corresponding official receipt therefor:

4 Remit to the Bureau of Treasury (BTr), through Authorized Government

Depository Banks (AGDB), all the payments, with corresponding official receipts, made by the winning bidder;

5 Keep/Maintain records on the conduct of the sale, copies of the awarded

titles and other related documents pertinent to the sale:

6. Prepare and submit to the concerned Regional Finance Division not later assets and remittance thereof to the BTr, thru the AGDB, for recording the physical jurisdiction over the location of the assets/properties sold. The following working day; and than five (5) days from the date of auction sale a report, copy furnished the disposal of the asset in the NG Books. For this purpose, the proceeds from sale of acquired assets shall form part of the collections of the RDO having by the winning bidder shall be deposited with the AGDB not later than the Regional Collection Division, the copies of all pertinent documents evidencing the collections of the proceeds from auction sales of acquired remittance of the bid bonds received and the full payment of the bid price

7. Procure for the service of a professional realty appraiser for the valuation of the acquired assets to be sold.

The Regional Collection Division shall:

1. Verify with the records of the AHRMD if the full payment of the bid price has been made by the winning bidder; and

2. Receive the copies of all pertinent documents evidencing the collections of

the proceeds from auction sales of acquired assets and remittance thereof.

The General Services Division shall:

Accept payment and issue ROR for the 10% of bid bond and full payment of the bid price from the winning bidder; and

2. Furnish the RAD a certified copy of the ROR.

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The RAD shall:

Receive and verify pertinent documents evidencing the collections of the proceeds from auction sales.

The Procurement Division shall:

Procure for the service of a professional realty appraiser for the valuation of the acquired assets to be sold.

VI. REPEALING CLAUSE

amended, modified or repealed accordingly. All revenue issuances or portion thereof, which are inconsistent herewith are hereby

V. EFFECTIVITY

This Order shall take effect immediately

J1 Commissioner of Internal Revenue CAESAR R. DULAY

By:

MArissao. CAbreros Deputy Commissioner ONicer-in-Charge Legai Group 0 856

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