BIR Ruling No. 588-2017

REPUBI IC OE THE PHILIPPINES

DEPARIMEnI OE FINANCI BUREAU OQUNTORNAL REVENUE

Certificate of Tax Exemption No: 588-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Subdivision - Upper Balulang, Cagayan de Oro City consisting of 600 housing units located at Upper Batulang, Cagayan de Oro City. a project duly registered with the Board period of 4 years beginning from September 2016 or actual start of commercial operations/selling. whichever is earlier. but in no case earlier than the date of registration of directly in connection with its economic and fow-cost housing project. Montierra of' Investments (BOI) under Registration No. the project with the BOI, pursuant to Executive Order No. 226. otherwise known as the "Omnibus Investments Code of 1987" and Sec. 2.57.5 (B)(2) of RR No. 2-98, as amended This certifies that JOHNDORF VENTURES CORPORATION with TIN is exempt from income tax and creditable withholding tax on its incomc received datcd September 19. 2016. for a

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) of'the 1997 Tax Code, as amended. Moreover, the sale by the Company of residential lot valued at P1.919.500.00 and

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 conpliance with the provisions of

that the facts are different, then this Certificate shalt 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 DEC 14 2G+

108aA

K- Commissioner of Internal Revenue CAESAR R. DULAY 0117i8

Johndorf Ventures Corporation Page 2 of 2 Date issued_12-14-2017 CTE NO 588-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly. Balulang, Cagayan de Oro City. Such exemption shall not cover revenues fron units with selling price exceeding P3,000,000.00. attributable to the revenues generated from the project. Montierra Subdivision - Upper Balulang, Cagayan de Oro City consisting of 600 housing units, located at Upper

2. The Company is obligated to construct and sell 600 housing units bascd on the following schedules/sales revenues:

Y car C 3 (No. of Units) Volume 20 200 125 Value(Php '000)

A S Total 60

3. In the computation of the project's I'rH. interest income from in-house financing shall not be considered as part of the revenues generated froin the registered housing project.

4. The Company's entillement to ITH for its BOI-registered housing project is subject to the compliance with the provisions of the Specific Terms and Conditions of its BOl Registration.

5. Pursuant to Section 4 of Repubiic Act (RA) No. 107081, the Company is required to file its provided under E.O. 226, within the periods prescribed under R.A. 10708's Implementing tax returns and pay its tax liabilities, on or before the deadline as provided under the 1997 Tax Code, as amended, using the electronic systein for tiling and payment of taxes of the BiR. li shall file with BOl a complete annuat tax incentives report of its income-bascd tax incentives. VAT and duty exemptions. deductions, credits or exclusions fron the tax base. as may be Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September 1. 2016.]

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 required under Chapter XIll and Section 57 of the Tax Code of 1997, as amended and implemented by Revenue Regulatious (RR) No. 2-98. as amended.

7. The Company is required to file on or before the 15" day of the fourth month following the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the the taxabie year. Annual Information Return under oath, stating its gross income and expenses incurred during

.* Finally, the Company's books of accounts and other pertinent records shall be subiect to

periodic 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

Code ot 1997, as amended. exemption or tax incentives and its tax liability. it any, pursuant to Section 235 of the Tax

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