BIR Ruling No. 690-2020

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

PSH '- 2020

CERTIFICATE OF TAX EXEMPTION DEC.2 9 2020

TO ALL WHOM IT MAY CONCERN:

This certifies that BELLAVITA LAND CORP.1 with Taxpayer Identification Number

(TIN) is exempt from income tax and creditable withholding tax (CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA No. 10884

received directly in connection with its sale of socialized house and lot units for residential and of 432 house and lot units, located at Brgy. Pansol, Pila, Laguna, a project duly registered with the Department of Human Settlements and Urhan Development (DHSUD) under Certificate of (Balanced Housing Development Program Amendments) dated July 17, 2016, on its income dwelling purposes to qualified beneficiaries in Bellavita - Pila, Laguna Phase 1, consisting does not exceed P450,000.002 per house and lot. Registration No. and License to Sell No: provided that' the selling price of said units

below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is Moreover, the sale by the .Company of residential lot valued at P1,919,500.00 and

exempt from value-added tax (VAT) pursuant to Section 109 (1).(P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellingsi with selling price of not more than P2,000,000.00.

covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents It is observed, however, that documentary stamp tax (DST) is not one of the taxes

conveying the properties shall be subject to DST imposed under Section 196 of the National Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid

the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. for such realties or on their fair market value determined in accordance with Section 6 (E) of

The Company is liable, however, for other applicable taxes not discussed above. applicable BIR rules and regulations and the Terms and Conditions 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 DEC292020

18e8ou

Commissioner of Internal Revenue CAESAR R.DULAY

K-1-LMAT 038866

3Sale of lot only, regardless of the price,shall be subject to VAT starting Janary 01, 2021 pursuant to RA No. 10963. Per DHSUD License to Sell No. Formerly: South Maya Ventures Corporation dated September I 1, 2020

(Bellavita -- Pila, Laguna Phase 1) BELLAVITA LAND CORP Date issued: CTE No.: PSH -690.-2020 DEC 2 g 2020

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 revenues generated from the 432 socialized house and lot units in Bellavita - Pila, Laguna Phase 1, located at Brgy. Pansol, Pila, Laguna.

2 The developer shall submit the sworn statement of the buyer that he is eligible as a socialized

housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. 11-97 to the Bureau of Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration (CAR) for the transfer of the title of the socialized housing unit.

3 It is understood that the CAR shall only be issued after it is established upon proper verification

by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the socialized house and lot packages in this case does not really exceed P450,000.00.

PAGE 2OF2