BIR Ruling No. 639-2017

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE Quczon City

Certificate of Tax Exemption No. 639-2017

CERTIFICATE OF TAX EXEMPTION

issued to

AMERICAN CHAMBER FOUNDATION PHILIPPINES INC. 4554 Casino St. cor. Olivares. Palanan. Makati City 1235 SEC Company Reg. No. TIN:

on the following revenues or receipts: and has proven by actual operation that its primary purpese falls under Section 30 (F) of the National internal Revenuc 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 and Contributions.

-nothing follows. subject to the provisions of applicabie BIR rules and regulations and thc tax exemptions. integral part hercof. It is liable. however. to all other taxes not enumerated above. liabilities and responsibitities stated in the Terms and Conditions hercto 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 certitication shall be valid for three (3) years from the date of issuance unless

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

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 issucd on the basis of the facts and

Issued this day of DEC 1 9 2017

12owAM

KI-FR-15-0056 ~K-1-J4C Comt nissioner of Internal Revenue CAESAR R. DULAY 011920

American Chamber Foundation Philippines, Inc. Page 2 of 3 Date issued CTE No. 639-2017 -19-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

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

LIABILITY FOR INTERNAL REVENUE IAXES D) INCOME TAX

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

seven and one-halt percent (7-1/2%) final withholding income tax pursuant to Section 27(D)(!) in relation to Sec. 57(A) hoth of thc N{RC. 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 shali be subject to Likewise, interest income from cu:rency bank deposits and yield or any other monetary

2) VALUE ADDED TAX

thereto. in generat. it shall be liable for VAT on the revenues derived therefrom. If AMERICAN CHAMBER FOUNDATION PHILIPPINES, INC. is engaged in the sale of goods or services in the course of a business pursuit, including transactions incidental

Notwithstanding that it is a non-stock. non-profit corporation, its purchase of goods or properties or services and inportation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and 107 ot the NIRC. 3) WITHHOLDING TAX

it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section 57 of the NIRC. as implemented by Revenue Regulations No. 2-98. as compensation income subject to the withholding tax under Section 79 (A), Chapter XlII Title fl of the NIRC. as implemented by Revenue Regulations No. 2-98. as amended, or if amended. withholding agent for the government if it acts as ar employer and its employees receive AMERICAN CHAMBER FOUNDATION PHILIPPINES, INC. shall be constituted as

Page 3 of 3 American Chanher Foundation Phitippines. Inc. CTE No. Date issued 63jm O17 0

TAXPAYER'S DUTIES & RESPONSIBILITIES

1} AMERICAN CHAMBER FOUNDATION_PHILIPPINES_INC. is required to fiie on or Information Return. stating its gross income and expenses incurred during the preceding period and a certificate showing that there has not heen any change in its By-laws. Articles 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 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.

2) Under Section 235 of the NIRC. any prevision of cxisting general and special iaw to the tax exemptions or tax incentives, and its tax liabilities. if any. contrary notwithstanding, the books of accounts and other pertinent records of tax-exempt organi zation or grantees of tax incentives shall be subject to examination by the BIR for purposes of ascertaining compliance with the conditions under which it has been granted

3) Further. it is aiso required under Section 6(C) in relation to Section 237 of the NIRC to issue duly registered receipts or sales or commercial invoices for each sale or transfer of which the Association is registered. (Revenue Memorandum Circular No. [RMC] No. 76- merchandisc or for scrvices rendered vhich are not directly related to the activities for 2003

4 Secticn 236B) of thc NIRC Finally. it is subject to the payment of registration fee of PhP 500.00 as prescribed in