BIR Ruling No. 378-2022

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Certificate of Tax Exemption No:

BOI-LEH - 3 7 8 - 2 0 2 2

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

1,061 house and lot units located at Brgy.Burol Main, Dasmarinas City, Cavite, a proiect dulv March 03, 2024, pursuant to Executive Order (EO) No. 226, otherwise known as the "Omnibus with its economic and low-cost housing project, Amaris Homes Dasma Ph. 2, consisting of dated March 04, 2020, for a period of four (4) years beginning from March 04, 2020 until Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, from income tax and creditable withholding tax on its income received directly in connection registered with the Board of Investments (BOI) under Certificate of Registration No.) as amended. This certifies that CITIHOMES BUILDER AND DEVELOPMENT, INC. is exempt

below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is 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 residential dwellingsl with selling price of not more than P3,199,200.00.2 exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

lot units), including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the applicable taxes under the Tax Code of 1997, as amended. registered with the BOI, (per HLURB License to Sell No. However, the sale of house and lot units in excess of the 1,061 house and lot units the excess is 77 house and

The Company is liable, however, for all 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

is being issued on the basis of the facts and documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered null and void. This Certificate of Tax Exemption (CTE) supersedes CTE No. BOI-LEH-652-2020 and

Issued this day of AUG2 7 2022

M

K-1/2209 Commissioner of Internal Revenue LILIA CATRIS GUILLERMO 000907

2 As adjusted using the 2010 Consumer Price index values per RR No. 8-2021 dated June 1, 2021.] I Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.

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(Amaris Homes Dasnid CITIHOMES BUI ND DEVELOPMENT, INC. Date issued: CTE N BOI-LEH- 3_7.8 - 2 0 2 2 AUIG 2 7. 2022

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

l. The exemption from income tax and creditable withholding tax covers only income directly attributable to the revenues generated from the project, Amaris Homes Dasma Ph. 2, consisting of Main, Dasmarifias City, Cavite. Such exemption shall not cover revenues from units!with selling 1,061 house and lot units used solely for family home or dwelling purposes, located at|Brgy. Burol price exceeding P2,000,000.00.

2. The Company shall observe the following project time table:

Activity Schedule

Secure necessarylicense/permit/registrationfrom Land acquisition the government/training costs Site preparation and development Building/House Construction April 2016 -- December 2019 July 2020 -- December 2023 August 2019 -- June 2022 April 2016

Start of Commercial Operations March 2020

3. In the computation of the project's ITH, interest income from in-house financing shall not be considered as revenues generated from the registered activity.

4. 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. 107083, 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 exemptions, deductions, credits or exclusions from the tax base, as may be provided umder EO No. 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1 -2016 dated September 1, 2016.

6. . The Company shail 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 inplemented by RR No. 2-98, as amended.

7. The Company is required to file on or before the 15t day 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.

8. Finally, 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 ascertairling 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.

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

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