BIR Ruling No. 477-2021

SSipp^ REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OEINTERJSrAL REVENUE Quezon Uity Certificate of Tax Exemption No: CERTIFICATE OF TAX EXEMPTI(j)N TO ALL WHOM IT MAY CONCERN: This certifies that COMMUNITIES QUEZON,INC. with Taxpayer Identification Number(TIN) JOOO, is exempt from income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project, Lessandra Quezon Phase2Subdivision-Brgy.Isabang,Tayabas City,Quezon consisting of215 house and lot units used solely for family home or dwelling purposes, located at Brgy. Isabang,Tayabas City,Quezon a project duly registered with the Board ofInvestments(BOI) under Certificate ofRegistration No. dated May II,2018, for a period of3 years beginningfrom May2018 or actual startofcommercial operations/selling,whichever is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order(BO)No.226,otherwise known as the "Omnibus Investments Code of1987" and Section 2.57.5(B)(2)ofRevenue Regulations(RR)No.2-98,as amended. Moreover, the sale by the Company of residential lot valued at PI,919,500.00 and below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is VAT-exempt under Section 109(1)(P)ofthe National Internal Revenue Code(Tax Code)of 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption shall only apply to sale of house and lot and other residential dwellings' with selling price of not more than P3,199,200.00^. ' However, the sale of house and lot units in excess of the ^15 house and lot units 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 ofappropriate taxes under the Tax Code of 1997, as amended. The grant oftax exemption herein is subject to the compliancL with the provisions of applicable BIR rules and regulations and the Terms and Conditions slated at the back hereof. The Company is liable, however,for all other applicable taxes not discussed above. This Certificate of Tax Exemption 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. GEC 11 viJ?) Issued this day of , . K-l-GPS CAESAR R.DULAY .Commissioner ofInternal Revenue 0479.70^^ 'Sale ofiot only,regardless ofthe price,shall be subject to VATstarting January Ol.2021 pursuantto RA No. 10963. - As adjusted using the 2010 Consumer Price Index values pursuant to RRNo.8-2021 dated June 11,2021.