BIR Ruling No. 411-2021

TER REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH - 4 11 - 2 0 2 1

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

(horizontal), Amaia Scapes San Pablo Sector 1 -- Brgy. San Lucas II, San Pablo City, Laguna, consisting of 313 housing units used solely for family home or dwelling purposes, located at Brgy. San Lucas II, San Pablo City, Laguna,2 a project dulv re ristered with the Board project with the BOI, pursuant to Executive Order (EO) No. 226. otherwise known as the income received directly in connection with its economic and lov --cost housing project of Investments (BOI) under Certificate of Registration (COR) No. 2015, for a period of four (4) years beginning from August 2015 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than the da: te of registration of the No. 2-98, as amended. Omnibus Investments Code of 1987 and Section 2.57.5 (B) (2) of Rev enue Regulations (RR) (TIN) This certifies that AMAIA LAND CORP.1, with Taxpayer {dentification Number is exempt from income tax and creditable withholding tax on its dated August 10,

exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) cf the National Internal below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings3 with selling price of not more than P3,199,200.00.4 Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January Moreover, the sale by the Company of residential lot valued at P1,919;500.00 and

stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code of the BOI, if any," including those units used for commercial purposes such as leasing, retaii 1997, as amended. However, the sale of housing units in excess of the 313 housing units registered with

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 investigat.on, the BIR ascertains This Certificate of Tax Exemption is being issued on the lasis of the facts and

Issued this day of NOV 3 4 2021

eeiaM

K Commissioner of Ir ternal Revenue CAESAR R. DULAY 046752

2 Per COR No. : Formerly: First Communities Realty, Inc. 3 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 p arsuant to Republic Act (RA) + As adjusted using the 2010 Consurmet Price Index values per RR No. 8-2021 dated June 1 1, 021. Amaia Scapes San Pablo Sector I is located at Brgy. San Roque, San Pablo City, Laguna No. 10963. and License to Sell No. toth issued by the Housing and Land Us: Regulatory Board (HLURB),

(Amaia Scapes San Pablo S cte r I) AMAIA LAND CORP. CTE No.: : Date issued. 'BOI-LEH-4 1 - 2 0 2 1

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1 The exemption froun income and creditable withholding taxes covers only income directly

San Lucas H, San Pahlo City, Laguna, consisting of 313 housing units used solely for family home or dwelling purposes, located at Brgy. San Lucas II, San Pablo City, Laguna.5 Such exemption shail no! cover revenues from units with selling price exceeding P3,000,000.00. Moreover, the 313 housing units covered by License to Sell No. than PI,250,000.00 per housing unit. attributable to the res enues generated from the project, Amaia Scapes San Pablo Sector 1 -- Brgy. shall not be sold for more

2. The Company is of:ligated to construct and sell 313 housing units based on the following schedules'sales revenues:

Year E (No. of Units) Volume 155 139 19 {PhP'000} Value

Total 313

3. In the computation f the project's ITH, interest income from in-house financing shall not be considered as part ot the revenues generated from the registered housing project. 4 The Company's en:itlement to ITH for its BOI-registered housing project is subject to the compliance with the provisions of the Specific Terms and Conditions of ts BOI Registration.

5 Pursuant to Section + of Republic Act (RA) No. 107085, 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 BOI a complete anrual 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. 226, within the perio.is prescribed under RA No. 10708's Implementir:g Rules and Reg:ulations and Joint Memorandum (ircular No. 1-2016 dated September 1,2016. as amended, using th.: electronic system for filing and payment of taxes of the BIR. It shall file with

6 The Company shall he constituted as a withholding agent for the government if it acts as employer and any of its emplo: ees received compensation income subject to c mpensation withholding tax. or if it makes payme:its to individuals or corporations subject to the w ithholding taxes as source as required under Chapter XIII and Section 57 of the Tax Code of 1997, a. amended, and implemented by RR No. 2-98, as amended.

I The Company is reqnired to file on or before the 15th day of the fourtl month following the close of its accounting ptriod of a Profit and Loss Statemen Information Return under oath, stating its gross income and expenses incurred during the taxable year. and Balar ce Sheet with the Annual

8. Finally, the Company's books of accounts and other pertinent records shall be subject to per:odic examination by revenue enforcement officers of this Bureau for the pury ose of ascertaining whe ther it is complying with he conditions under which it has been granted tax exemption or tax incentives and its tax liability, i: any, pursuant to Section 235 of the Tax Code of 1997, as amended.

An Act Enhancing Transp: :eny. in the Management and"Accounting of Tax Ing intives Administered by Investinent 5 Per COR No. Amaia Scapes San Pablo Se: or 1 is located at Brgy. San Roque, San Pablo City, Lag ina Promotion Agencies. and Lic :nse to Sell No. both issued by the Housing and Lt nd Use Regulatory Board (HLURB).

PAGE 2 OF 2