BIR Ruling No. 341-2018

BUREAU OF JNTERNAL REVENUE REPUBLIC OF TH?HILIPPINES DEPARTMENT Or tuANCE Quezo.

Certificate of Tax Exemption No. 341-2018

CERTIFICATE OF TAX EXEMPTION issued to

17/F, NAC Tower, 32nd St., Bonifacio Global City, Taguig City WEATHERPHILIPPINES FOUNDATION, INC. SEC Company Reg. No. TIN:

on the following revenues or receipts: and has proven-by actual operation that its primary purpose falls under Section 30 (E) of the National Internal Revenue Code of 1997, as amended. It is exempt from INCOME TAX only This certifies that the above-named corporation is a non-stock, non-profit corporation

I. Donations.

nothing follows

integral part hereof. It is liable, however, to all other taxes not enumerated above. subject to the provisions of applicable BIR rules and regulations and the tax exemptions, liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an

earlier revoked by this Office for violation of any provisions of applicable rules and regulations of BIR, or the terms and conditions herein set forth. This certification shall be valid for three (3) years from the date of issuance unless

provided under Revenue Memorandum Order (RM0) No. 20-2013. Failure to renew this Certificate shall be deemed a revocation thereof upon the expiration of the three (3)-year This Certificate may be renewed upon filing of a subsequent application for revalidation

period.

that the facts are different, then this Certificate shall be considered null and void. documents as represented and submitted. However, if upon investigation, the BIR ascertains This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of MAR 0 7 2018

K-1 Commissioner of Internal Revenue CAESAR R. DULAY V 014070

WEATHERPHILIPPINES FOUNDATION, INC Page 2 of 3 CTE No. 341-2018 Date issued 3-7-2018

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

1) INCOME TAX. WEATHERPHILIPPINES FOUNDATION, INC. is only exempt from the payment of income tax on revenues and receipts enumerated on the Certificate of Tax association/corporation/ organization must continue to meet the requirements set forth under Revenue Memorandum Order No. 20-2013. Exemption. Moreover, to be entitled to .the *tax exemptions enumerated herein, the

LIABILITY FOR INTERNAL REVENUE TAXES

1) INCOME TAX

Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed returned for taxation. WEATHERPHILIPPINES:FOUNDATION, INC. is subject to income tax on all its income/receipts/revenues not expressly exempted and stated in the Certificate of Tax under the NIRC on its income derived from any of its properties, real or personal, or any activity conducted for profit regardless of the disposition thereof, which income should be

Likewise, interest income from currency bank deposits and yield or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements, and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided, however, that interest income derived by it from a depository bank under the expanded foreign currency deposit system shall be subject to seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section 27(D)(1) in relation to Sec. 57(A) both of the NIRC.

2) VALUE ADDED TAX/PERCENTAGE TAX

(P1,919,500.00), or to the 3% percentage tax, if gross receipts do not exceed P1,919,500.00. If WEATHERPHILIPPINES FOUNDATION INC. is engaged in the sale of goods or from such sales is One Million Nine Hundred Nineteen Thousand Five Hundred Pesos revenues derived therefrom shall be subject to the 12% VAT, in case the gross receipts services in the course of a business pursuit, including transactions incidental thereto, its

Notwithstanding that it is a non-stock, non-profit corporation, its purchase of goods or properties or services and importation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and 107 of the NIRC.

3)WITHHOLDING TAX

37 of the NIRC, 'as implemented by Revenue Regulations No. 2-98, as amended. for the government if it acts as an employer and its employees receive compensation income WEATHERPHILIPPINES FOUNDATION, INC. shall be constituted as withholding agent subject to the withholding tax under Section 79 (A), Chapter XIII, Title II of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended, or if it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section

WEATHERPHILIPPINES FOUNDATION, INC. Page 3 of 3 CTE No. 341-2018 Date issued 3-7-2018

TAXPAYER'S DUTIES & RESPONSIBILITIES 1) WEATHERPHILIPPINES FOUNDATION INC. is required to file on or before the 15th day of the fourth month following the end of the accounting period a Profit and Loss Statement and Balance Sheet with the Annual Information Return under oath, stating its gross income and expenses incurred during the preceding period and a certificate showing that there has not been any change in its By-laws, Articies of Incorporation, manner of operation and activities as well as sources and disposition of income. Copy of this Certificate of Tax Exemption shall be attached to the aforementioned Annual Information Return.

2) Under Section 235 of the NIRC, any provision of existing general and special law to the contrary notwithstanding, the books of accounts and other pertinent records of tax-exempt organization or grantees of tax incentives'shall be subjectto examination by the BIR for purposes of ascertaining compliance with the conditions under which it has been granted tax exemptions or tax incentives, and its tax liabilities, if any. 3) Further, it is also required under Section 6(C) in relation to Section 237 of the NIRC to which the Association is registered. (Revenue Memorandum Circular No. [RMC] No. 76- issue duly registered'receipts or sales or commercial invoices for each sale or transfer of merchandise or for services rendered which are not directly related to the activities for 2003

4} Finally, it is subject to the payment of registration fee of PhP 500.00 as prescribed in Section 236(B) of the NIRC.