BIR Ruling No. 401-2021

BUREAU OF INTERNAL REVENUE REPUBLICOFTHE PULIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

BOI - LEH -

CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

at Brgy."Marinig, Cabuyao City, Laguna, a project duly registered with"the Board 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 Regulations (RR) No. 2-98, as amended. withholding tax on its income received directly in connection with its economic and low-cost housing project, Lynville Residences Cabuyao - Brgy. Marinig, Cabuyao City, Laguna, consisting of 248 house and lot units used solely for family home or dwelling purposes, located Investments (BOl) under Certificate of Registration (COR) No. 2018, for a period of four (4) years beginning from November 2018 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than the date of Identification Number (TIN) This certifies that LYNVI I F ^Nn DEVELOPMENT CORP.1, with TaXpayer ', is exempt from income tax and creditabie dated November 8.

residential dwellings3 with selling price of not more than P3, 199,200.00.+ below, or house and tot and other residentiai dwellings valued at P3,199,200.00 and below, is exempt from vaiue-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 01, 2021. the exemption from VAT shall only apply to sale of house and lot and other Moreover, the saie by the Company of residential lot valued at P1,919,500.00 and

teasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code, as amended. registered with the BOI. if any. including those units used for commercial purposes such as However. the sale of house and lot units in excess of the 248 house and lot units

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 discussed above. 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

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K- Commissioner of Internal Revenue CAESAR R. DULAY

Sale of Jot only.regardless Sf the price. shall be subject to VAT starting January 01. 2021 pursuant to Republic Act (RA : Formerly: Lynville Realty & Development Corporation : The Mancom. in its meeting of 16 June 2021 pursuant to the Bourd delegated functions through Resolution No. 23-08. + As adjusted using the 2010 onsuncer Price Index values per RR No. 8-2021 dated June H1. 2021. house and lot units to serve as passageway for the homeowners that will be residing for the upcoining expansion of I.ynville Residences Cabuyao Phase 2. Series of 2021. approved and contirmed the firm's request for the aumendment of its registered capacity from --250" to "248" No. 10963.

{Lynville Residences Cabuyao} LYNYILLE LAND DEYELOPMENT CORP. CTE NO. Date issued. BOI - LEH

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers oniy income directly home or dwelling purposes, located at Brgy. Marinig, Cabuyao City, Laguna. Such exemption shall not cover revenues from units with selling price exceeding P2,000,000.00. attributable to the revenues generated froin the project, Lynville Residences Cabuyao - Brgy Marinig, Cabuyao City, Laguna, consisting of 248 house and lot units used solely for family

2. In the computation of the project's iTH, the following shall apply:

a. Only income generated from the sale of housing units (Lynville Residences Cabuyao Brgy. Marinig, Cabuyao City, Laguna) with selling price not exceeding Php2.0M and used leasing, retail stores, offices, etc. shall be qualified. solely for fainily home or dwelling purposes and not for commercial purposes such as

b. Interest income from in-house financing shail not be considered as revenues generated

from the registered activity.

3. The Company's entitlement to iTH for its BOI-registered housing project is subject to the compliance with the provisions of the Specitic Terms and Conditions ot its BOI Registration.

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

Joint Memorandum Circuiar No. l-2016 dated September 1, 2016. as amended. using the electronic system for filing and payinent 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, deductions. credits or exclusions from the tax base, as may be provided under EO No. returns and pay its tax liabilities. on or before the deadline as provided under the Tax Code of 1997. 226. within the periods prescribed under RA No. 10708's implementing Rules and Regulations and

5 The Company shall be constituted as a withholding agent for the government if it acts as employer

or if it makes payments to individuals or corporations subject to the withholding taxes as source as by RR No. 2-98. as amended. and any of its employees received compensation income subject to com required under Chapter XIII and Section 57 of the Tax Code of 1997. as amended, and implemented ensation withholding tax.

6. The Coinpany is required to file on or before the 15t day of the fourth month following the close Y car. 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

7. Finally. the Company's books of accounts and other pertinent records shall be subject to periodic it is complying with the conditions under which it has been granted tax exemption or tax incentiv es examination by revenue enforcement officers of this Bureau for the purpose of ascertaining whether and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as amended.

P'r mmotiou Ygencies An Yet Inhanemg Transpareney n the Vanagement and iecounting ot Fax Incentives Adninistered by Investment

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