BIR Ruling No. 271-2022

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No: Bol-lEh -.

C ERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

beginning from June 2019 or actual start of commercial operations/selling, whichever is 198 and Section 2.57.5 (B)(2) of Revenue Regulations (RR) No. 2-98, as amended, provided that the selling pri 'e af said residential units does not exceed f2,000.000.00 per house and lot. housing project. The Steps @ Nuestra Seriora Dela Paz Subdivision, consisting of 168 residential units u ed solely for family home or dwelling purposes. located at Brgy. Sta. Cruz Certificate of R gistration No. earlier, but in no c ise earlier than the date of registration of the project with the BOI, pursuant to Executive Ord r (EO) No. 226. otherwise known as `the "Omnibus Investments Code of withholding tax o : its income received directly in connection with its economic and low-cost Kakalog, Antipo!o ('ity: a project dulv reoistered with the Board of Investments (BOI) under Identification Nt mber This certi ies that AXEIA DEVELOPMENT CORPORATION', with Taxpayer i dated June 24, 2019, for a period of 4 years is exempt from income tax and creditable

below, or house a1-d fot and other residentiai dwellings valued at P3, 199.200.00 and below, is VAT-exempt und r Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of 1997. as amended Provided, however, that beginning January 1, 2021, the VAT exemption Shall onfy apply t: saie of house and lot and other residential dwellings2 with selling price of not more than P3. 99.200.00.3 Moreover. the sale by the Company of residential lot valued at P1,919.500.00 and

Stores. offices. etc. sh ll be subject to the payment of appropriate taxes under the Tax Code of with the BOI, if an -. including those units used for commercial purposes such as leasing. retail 1997. as amended. However, :he sale of residential units in excess of the 168 residential units registered

applicable BIR rul 's and regulations and the Terms and Conditions stated at the back hereof. The Company is li tble. however, for all other applicable taxes not discussed above. The grant f tix exemption herein is subject to the compliance with the provisions of

documents as repr: sented and submitted. However. if upon investigation, the BIR ascertains that the facts are d: tferent. then this Certificate shall be conisidered null and void. This Certiticate of Tax Exemption is being issued on the basis of the facts and

Issued this day of A

C&ErEFOS Commissioner of Internal Revenue CAESAR R. DULAY

amrtireicner

Graud-

: Sale of lot only. regardl s - f the price. shall be subject to VAT starting January 1. 2021 pursuant to RA No. 10963. : Formerly: Asiatic Deve spn-ent Corporation : As adjusted using the 2t !(0 : onsumer Price Index values per RR No. 8-2011 dated June it. 2021

Axeia Development Corporation The Steps (a. Nuestra Senora Dela Pas Subdivision Page 2 of 2 (- Date is 2I-LEH

TERMS AND GONDITIONS OF THE CERTIFICATE OF TAX EXEMPT! >?

1. The exemption from income and creditable withholding taxes cov :rs only income directly

attributable to the revenues generated from the project, The Steps : :uestra Senora Dela Paz Subdivision consisting of 168 residential units tised solely for an ily home or dwelling purposes. located at Brgy. Sta. Cruz, Kakalog, Antipolo City. > .ic! exemption shall not cover revenues from units with selling price exceeding f

2 The Company shall observe the follow ing timetabie :

Activity F ri

Site preparation and development Land acquisition Secure necessary license permit 'registration from the government training costs Start of Commercial Operations Building'House construction April 20 April 20 Oct: 2: 2018 Aus .st I : 016 tarch 2023 (pri 2023 9

3 In the computation of the project's ITH. interest income from in-. ot ie financing shall not be considered as part of the revenues generated froin the registere I + ousing project.

4 The Company's entitlement to ITH for its BOI-registered housin: P oject is subject to the compliance with the provisions of the Specific Terms and'-. nditions of its BOI

Registration.

Pursuant to Section 4 of Republic Act (RA) No. 10708+. the C'omy ul.is required to file its

tax returns and pay its tax liabilities. on or before the deadline a: pi vided under the Tax Code of 1997. as amended. using the electronic st'stem for filing an ! payment of taxes of the BIR. It shall file with BOI a complete annual tax incentives r. p: t of its income-based tax incentives. VAT and quty exemptions. deductions. credits o: e clusions from the tax base, as may be provided under EO No. 226. within the periods : re cribed under RA No. 10708's Implementing Rules and Regulations and cint Memorar tu: 1 Circular No. 1-2016 dated September l. 2016.

6. The Company shall be constituted as a w ithholding agent for th. &. vernment if it acts as

employer and any of its employees received compensation incom: st oject to compensation withholding tax. or if it makes payments to individuals or co pe-ations subject to the w ithholding taxes as sourck as required under Chapter XIII and S: et: n 57 of the T'ax Code of 1997. as amended and implemented by RR No. 2-98. as amen. :c!

7. The Company is required to file on or before the I5th day of the fs .ur' + month follow ing the

close of its accounting period of a Profit and Lo-s Statement an 3 I alance Sheet with the Annual Information Return under oath. stating its g.oss incon : nd expenses incurred during the taxable year.

8 Finally. the Company's books of accounts and other pertinent r. ct ds shall be subject te periodic examination by revenue enforcement officers of this F ur. au for the purpose of

ascertaining whether it is complying with the conditions under .h: :h it has been granted tax exemption or tax incentives and its tax liability. if any. purs: ir. to Section 235 of the Tax Code of 1997. as amended.

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