BIR Ruling No. 394-2021

TER BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of T ax Exemption No:

BOI-LEH - 94 - 2 0 Z1

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

income received directly in connection with its low-cost mass housing project, Amaia Scapes 2011 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. Laguna -- Brgy. Barandal, Calamba City, Laguna, consisting of 1.65 units used solely for family home or dwelling purposes, located at Brgy. Barandal, Calamba City, Laguna, a project duly registered with the Board of Investments (BOI) under Certificate of Registration (COR) 226, otherwise known as the "Omnibus Investments Code of 1987 and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. No. (TIN) This certifies that AMAIA LAND CORP.', with Taxpayer Iientification Number dated March 23, 2011, for a period of four (4) years beginning from March is exempt from income tax and creditable withholding tax on its

01, 2012,2 the exemption from VAT shall apply to sale of residential lot valued at below, or house and lot and other residentiai dwellings valued at P2,500,000.00 and below, is Revenue Code (Tax Code) of 1997, as amended. Provided, however, th.at beginning January P1,919,500.00 and below, or house and lot and other residential dwellings valued at from VAT shall only apply to sale of house and lot and other residential wellings3 with selling price of not more than P3,199,200.00.4 exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) ot the National Internal P3,199,200.00 and below. Provided further, that beginning January 01. 2021, the exemption Moreover, the sale by the Company of residential lot valued .it P1,500,000.00 and

Housing and Land Use Regulatory Board, the excess is 169 units), inclu.ding'those units used payment of appropriate taxes under the Tax Code of 1997, as amended. License to Sell Nos. for commercial purposes such as leasing, retail stores, offices, etc.. shall be subject to the However, the sale of units in excess of the 1.659 units register :d with the BOI (per [534 lots/units] and : [1,294 lots/unil s} both issued by the

applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liable, however, for all other applicable taxes not diseu: sed above. The grant of tax exemption herein is subject to the compliance vith the provisions of

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

Issued this day of OCT 1 8 202}

K-1-MDT Commissioner of Internal Revenue CAESAR R. LULAY 0-.6370 A

3 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pu. suant to Republic Act (RA) 2 As adjusted using the 2010 Consumer Price Index values per RR No. 16-2011 dated October 2 -. 2011. Formerly: First Comminities Realty, Inc. + Per RR No. 8-2021 da!ed June 11, 2021. No. 10963

AMAIA LAND CORP. (Amaia Steps Laguna) Date issued: CTE No.: Ot:T-1-8 2021 BC2-LEH-3 3 4 - Z 0 2 1

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption frem income and creditable withholding taxes covers cnly -income directiy by License to Sell Nos. attributable to the re venues generated from the project, Amaia Scapes Laguna -- Brgy. Barandal, Calamba City, Laguna, consisting of 1,659 units used solely for family home or dwelling purposes, located at Brgy. Barandal, Calamba City, Laguna. Such exempion shall not cover revenues from units with selling price exceeding P3,000,000.00. Moreover, the 1,659 units covered and shall not be sold for more than P1 ,253,000.00 per unit.

2 The Company is cbligated to construct and sell 1,659 housing units based on the following schedules/sales reve nues:

Y ear T otal 2 3 4 (No. of Units) Volume 1,659 511 59 441 128 (PhP'000) Sales

3. In the computation of the project's ITH, interest income from in-house finaneing shatl not be considered as part f the revenues generated from the registered housing project.

The Company's entitlement to ITH for its BOI-registered housing project is subject to the compliance with th-- provisions of the Specific Terms and Conditions of its BOI,Registration.

5 Pursuant to Sectior: 4 of Republic Act (RA) No. 107085, the Company is required to file its tax

BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No! Joint Memorandurr: Circular No. 1-2016 dated September 1,2016. returns and pay its t.ix liabilities, on or before the deadline as provided under the Tax Code of 1997, 226, within the peri-ds prescribed under RA No. 10708's Implementing Rules and Regulations and as amended, using the electronic system for filing and payment of taxes of the BI R. It shall file with

6 The Company shall be constituted as a withholding agent for the government if it acts as employer and any of its empl.yees received compensation income subject to compensatioon withholding tax, or if it makes payments to individuais or corporations subject to the withholdin., taxes as source as required under Cha!ter XHII and Section 57 of the Tax Code of 1997, as ainende 1, and implemented by RR No. 2-98, as amended.

7. The Company is required to file on or before the 15t day of the fourth r iontt following the close year. of its accounting geriod of a Profit znd Loss Statement and Balance She et with the Annual Information Returr under oath, stating its gross income and expenses in.:urre d during the taxable

8 Finally, the Company's books of accounts and other pertinent records sh ill Ie subject to periodic

it is complying with the conditions under which it has been granted tax exe m otion or tax incentives examination by revenue enforcement officers of this Bureau for the purpos - f ascertaining whether and its tax liability if any, pursuant to Section 235 of the Tax Code of 199 7. as amended.

5 An Act Enhancing Tran Darancy in the Management and Accounting of Tax Incentives ? : vinistered by Investment Promotion Agencies

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