BIR Ruling No. 381-2022

REPUBLIC`OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Certificate of Tax Exemption No:

BOI-LEH - 3 3 T- 2 0 2 2

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

San Juan, Sta. Cruz, Laguna, a project duly registered with the Board of Investments (BOI) Investments Code of 1987 and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project, Lynville Residences Sta. Cruz Phase 1, consisting under Certificate of Registration (COR) No. whichever is earlier, but in no case earlier than the date of registration of the proiect with the as amended. of 133 house and lot units used solely for family home or dwelling purposes, located at Brgy. four (4) years beginning from March 2022 or actuai start of commercial operations/ selling. BOI,"pursuant"to Executive Order"(EO)"No.226, otherwise known as"the "Omnibus This certifies that LYNVILLE LAND DEVELOPMENT CORP.' is exempt from dated March 18, 2022, for a period of

below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is residential dwellings2 with selling price of not more than P3, 199,200.00.3 exempt from value-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 sale by the Company of residential lot valued at P1,919,500.00 and

the Tax Code, as amended. 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 of appropriate taxes under However, the sale of house and lot units in excess of the 133 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 SEP 0 8 2022

LILIA CATRIS GUILLERMO

K -1/2 Commissioner of Internal Revenue 001272

3 As adjusted using the 2010 Consumer Price Index values per RR No. 8-2021 dated June 11. 2021. 2 Sale of Jot only. regardless of the price, shall be subject to VAT starting January 01. 2021 pursuant to RA No. 10963. : Formerly: Lynville Realty & Development Corporation

L YNVILLE LAND DEVELOPMENT CORP. (Lynville Residences Sta. Cruz Phase 1) Date issued: CTE No.. .BOI - LEH - SEP 0 8.2022 381-2022

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, Lynville Residences Sta. Cruz Phase i] consisting of. 133 house and iot units used solely for family home or dwelling purposes, located at Brgy. San Juan, Sta. Cruz, Laguna. Such exemption shall not cover revenues from units with selling price exceeding P2,000,000.00.

2. The Company shall comply with the following milestones and total investment capital:

Milestone Investment Cost (in PhP) and Schedule Site Preparation and Development Start of Commercial Operations Building/House Construction September 2021. -- December 2024 December 2020 -- December 2023 March 2022

Total Project Cost

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. 107084, the Company is required to file its tax Joint Memorandum Circular No. 1-20:6 dated September 1, 2016. BOI a compiete 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 Nol 226, within'the periods prescribed under RA No. 10708's Implementing Rules and Regulations and 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

6. The Company shall 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 by RR No. 2-98, as amended. required under Chapter XIII and Section 57 of the Tax Code of 1997, as amended, and impiemented

7. The Cornpany is required to fite on or before the 15th day of the fourth month foltowing 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 and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as amended. examination by revenue enforcement officers of this Bureau for the purpose of ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives

+ An Act Enhancing Transparency in the Managernent and Accounting of Tax Incentives Adnninistered by Investment Promotion Agencies.

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