BIR Ruling No. 261-2022

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No: Bol-Lal..2 6 1-2"02

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Magalang Phase 2 -- Brgy. Sto. Rosario, Magalang, Pampanga, consisting of 780 house and Magalang, Pampanga, a project duly registered with the Board of Investments (BOI) under beginning from December 2021 or actual start of commercial operations/selling, whichever is received directly in connection with its economic and low-cost housing project, Bria Homes 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 lot units used solely for family home or dwelling purposes, located at Brgy. Sto. Rosario, Certificate of Registration No. 1987" and Section 2.57.5 (B) (2) of 'Revenue Regulations (RR) No. 2-98, as amended. This certifies that BRIA HOMES, INC1. with Taxpayer Identification Number (TIN) is exempt from income tax and creditable withholding tax on its income dated December 29, 2021, for a period of 3 years

not more than P3,199,200.003. below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is shall only apply to sale of house and lot and other residential dwellings2 with selling price of VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

registered with the BOI, if any, including those units used for commercial purposes such as leasing, retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the Tax Code of 1997, as amended. However, the sale of house :and lot units in excess of the 780 house and lot units

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

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 MAY 2 7 2022

By: Commissioner of Internal Revenue CAESAR R. DULAY

2 Sale of lot only, regardless of the price, shall be subjeet to VAT starting January,01, 2021 pursuant to RA No. 10963 K-1-GPS Formerly: Casa Regatia, Incorporated 3 As adjusted using the 2010 Consumer Price Index values pursuant to RR No. 8-2021 dated June 1i, 2021 Marissao Deputy Commissioner Offi&er-in-Charge Legal Group cAbrerOs 8.9.7 G

page 2 of 2 Bria Homes Magalang Phase 2 Date issued_MAY"7 7 2022-- CTE No. BO1-LE..2 6.1 - 2 0 2 Z

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project, Bria Homes Magalang Phase 2 -- Brgy. Sto. Rosario, Magalang, Pampanga consisting of 780 house and lot units used solely for family home or dwelling purposes located at Brgy. Sto. Rosario, Magalano. Pamnanoa. Such exemption shall not cover revenues from units with selling price exceeding F house 'and lot units covered by Provisional License to Sell No. more than P. per house and lot. shall not be sold for Moreover, the 780

2. The enterprise shall observe the following project timetable:

Total Project Cost Start of Commerrial Operations Site preparation and developrnent Building/House Construction Activity June 2021 to November 2023 July 2021 to December 2023 December 2021 Period

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

considered as part of 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 the provisions of the Specific Terms and Conditions of its BOI Registration.

5. Pursuant to Section 4 of Republic Act (RA) No. 107084, the Company is required to file its tax

returns and pay its tax 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

226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No.

Joint Memorandum Circular No. 1-2016 dated September 1, 2016.

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 implemented by RR No. 2-98, as amended.

7. The Company is required to file on or before the 15th-iday of the fourth month following the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual

Information Return under oath, stating its gross income and expenses incurred during the taxable year.

Fimally, the: Company's books of accounts and other pertinent records shall be subject to periodic

examination by revenue enforcement officers of this Bureau for the purpose of ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as amended.

An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investmert Promotion Agencies.