BIR Ruling No. 269-2022

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No: BOi-LEH - 2 2022

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Camella Butuan Phase 7 Subdivision -- Brgy. Villa Kananga, Butuan City, Agusan del its income received directly in connection with its economic and low-cost housing project, Number (TIN) This certifies that COMMUNITIES CAGAYAN, INC. with Taxpayer Identification is exempt from income tax and creditable withholding tax on

Norte, consisting of 111 house and iot units used solely for family home or dwelling purposes, located at Brgy. Villa Kananga, Butuan City, Agusan del Norte, a project duly registered with the Board of Investments (BOI) under Certificate of Registration No. dated December 23, 2021, for a period of 3 years beginning from December 2021 or actual start of commercial operations/selling, whichever is eariier, but in no case earlier than the date of

known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue registration of the project with the BOI, pursuant to Executive Order (EO) No. 226, otherwise

Regulations (RR) No. 2-98, as amended.

below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of shall only apply to sale of house and lot"and other residential dwellingsl valued at 1997, as amended. Provided, however; that beginning January 01, 2021, the VAT exemption Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

P3,199,200.002

ieasing, retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the registered with the BOI, if any, including those units used for commercial purposes such as Tax Code of 1997, as amended. However, the sale of house and lot units in excess of the 111 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 MAY 2 7 2022

K-1 - MDT By: Marissa DeputyCommissioner Yr-in-Charoe $) cABrerOS gal Group 0 9 0 4 Commissioner of Internal Revenue CAESAR R. DULAY O

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

M

page 2 of 2 Camella Butuan Phase 7 Subdivision Date issued MAY ? T 222 CTE No. B3O1LEH .. 2 6. 9 : 2 0 2. 2

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project, Camella Butuan Phase '7 Subdivision units used solely for family home or dweling purposes located at Brgy. Villa Kananga, Butuan City, Agusan del Norte. Moreover, the 111 housing units covered by Provisional License to -- Brgy. Villa Kananga, Butuan City, Agusan del Norte, consisting of 111 house and lot Sell No. shall not be sold for more than F O per house and lot. 2.. The enterprise shall observe the following project tir netable:

Total Project Cost Start of Commercial Operations Building/House Construction Site Preparation and Development Milestone December 2019 -- December 2025 Feioruary 2020 -- December 2025 "Investment Cost and Schedule December 202 1

3 In the computation of the project's ITH, interest inicome from in-house financing shall not te considered as part of the revenues generated from the registered housing project.

4 The Company's entitlement to ITH for its BOI-registered housing project is subject to tre

compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

S. Pursuant to Section 4 of Republic Act (RA) No. 107083, the Company is required to file its tax

BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and as amended, using the electronic system for filing anct payment of taxes of the BIR. It shall file with Joint Memorandum Circular No. 1 -2016 dated September l, 2016. returns and pay its tax liabilities, on or before the deadline as provided under the Tax Code of 199'7. exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No.

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 subiect to compensation withholding tax.

by RR No. 2-98, as amended. or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XIH and Section 57 of the Tax Code of 1 997. as amended. ard implemented

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 Information Return under oath, stating its gross income and expenses incurred during the taxable year. and Balance Sheet with the Annual

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 Eahancing Transparency in the Management and Accorinting of Tax Incentives Adiministered by Investment Promotion Agencies.