BIR Ruling No. 414-2021

BUREAU OF INTERNAL REVENUE REPUBLIC OF THF PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No: BOI-LEH .4 1 : -2 0 2

TO ALL WHOM IT MAY CONCERN: CERTIFICATE OF TAX EXEMPTION

as amended. Brgy. Marinig, Cabuyao, Laguna, a project duly registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. of four (4) years beginning from May 2015 or actual start of commereial 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. 226, otherwise known as"the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regu.lations (RR) No. 2-98. (horizontal), Amaia Scapes Cabuyao Sector 1 consisting of 236 housing units used solely for family home or dwelling purposes, located at income received directly in connection with its economic and lov-cost housing project (TIN This certifies that AMAIA LAND CORP., with Taxpay er [dentification Number is exempt from income tax and creditable vithholding tax on its -- Brgy. Marinig, Cabuyao, Laguna, dated May: 21, 2015, for a period

residential dwellings2 with selling price of not more than P3,199,200.00.3 stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code of 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other the BOI, if any, including those units used for commercial purposes such as leasing, retail 1997, as amended. below, or house and lot and other residentiai dwellings valued at P3.199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January However, the sale of housing units in excess of the 236 housins units registered with Moreover, the sale by the Company of residential lot valued at P1,919;500.00 and

applicable BIR rules and regulations and the Terms and Conditions sta ed at the back hereof. documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered nuill :ind void. The Company is liable, however, for all other applicable taxes not discussed above. Issued this This Certificate of Tax Exemption is being issued on the tasis of the facts and The grant of tax exemption herein is subject to the compliance with the provisions of day of NOV 0 4 2021

1ea1y

K- Commissioner of Internal Revenue CAESAR R. DULAY

16755

2 Sale of iot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pu.suant to Republic Act (RA) 3 As adjusted using the 2010 Consumer Price Index values per RR No. 8-2021 dated June 1 1. 2: 21. Formerly: First Communities Realty, Inc. No. 10963.

(Amraia Scapes Cabuyao Se: ror 1) AMAIA LAND CORP. Date issued. CTE NO.: BOI-IEH-414-2021

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly

attributable to the re enues generated from the project, Amaia Scapes Cabuyao Sector 1 -- Brgy. Marinig, Cabuyao. Laguna, consisting of 236 housing units used solely for family home or dwelling purposes, tocated at Brgy. Marinig. Cabuyao, Laguna. Such exemption shall not cover revenues from units with selling price exceeding P3,000,000.00. Moreover, the 236 housing units covered by License :5 Sell No. unit. shall not be sold for more than P1,250,000.00 per housing

2 The Company is ohligated to construct and sell 236 housing units based on the following schedules/sales reve'ues:

Year Tota! 2 3 (No. of Units) Volume 236 141 24 71 (PhP'000) Value

3. In the computation of the project's ITH, interest income from in-house financing shall not be

considered as part o" the revenues generated from the registered housing project.

4. The Company's er:itlement to ITH for its BOI-registered housing project is subject to the

compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

S Pursuant to Section 4 of Republic Act (RA) No. 107084, the Company is required to file its tax returns and pay its tox liabilities, on or before the deadline as provided under the Tax Code of 1997.

as amended, using the electronic system for filing and payment of taxes of the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemptions, deducti.ns. credits or exclusions from the tax base, as may be provided under EO No.

Joint Memorandum Circular No. 1-2016 dated September 1,2016. 226, within the pericds prescribed under RA No. 10708's Implementing Rules and Regulations and

6 The Company shall be constituted as a withholding agent for the government if it acts as employer and any of its employees received compensation income subject to compensation withholding tax, or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XIII and Section 57 of the Tax Code of 1997, as amended, and impleriented by RR No. 2-98, as :mended.

7. The Company is rex;uired to file on or before the 15th day of the fourth month following the .:lose

of its accounting Feriod of a Profit and Loss Statement and Balance Sheet with the An sual Information Return under oath, stating its gross income and expenses incurred during the tax.ible year.

8 Finally. the Compa-y's books of accounts and other pertinent records shall be subject to perioa'c and its tax liability. :f any, pursuant to Section 235 of the Tax Code of 1997, as amended. examination by reve nue enforcement officers of this Bureau for the purpose of ascertaining wheth - it is complying with the conditions under which it has been granted tax exemption or tax incentive:

+ An Act Enhancing Trans"arency in the Management and Accounting ( f Tax Incentives Administered by Investment Promotion Agencies. PAGE 2 OF 2