BIR Ruling No. 287-2022

REPUBLIC OF THE PHILIPPINES

BUREAU OTUNTERNAL REVENUE DEPARTMENT OF FINANCE

Certific BO-LF Exemption No: 0 2

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

its income received directly in connection with its economic and low-cost housing project, October 2021 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant to Execuive Order (EO) No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section Camella Baliwag Phase 7 -- Brgy. Pagala, Baliwag, Bulacan, consistinz of 350 house and lot ut..is used solely for family honie or dwelling purposes, located *:. Brgy. Pagala, Baliwag, 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. Bulacan, a project duly registered with the Board of Investments (BOI) under Certificate of Registration No. Numbe: (TIN This certifies that COMMUNITIS BULACAN, INC. with Taxpayer Identification dated October 05, :.21, for a period of 3 years beginning from is exemp from income tax and creditable withholding tax on

below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is shall'only apply to sale of house and lot"and other residential dwellings! valued at 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption P3,199,200.002. VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

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 the Tax Code of 1997, as amended. However, the sale of house and lot units in excess of the 350 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

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. Tnis Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of JUN 0 8 2022

3oMw

K-1 -GPS Commissioner of Internal Revenue CAESAR R. DULAY 051780

2 As adjusted using the 2010 Consumer Price Index values pursuant to RR N.- 3-202 ' dated June I 1, 2021. : Sale of lot only, regardless of the price, shali be subject to VAT starting January 01, 2021'pur t to RA No. 10963

page 2 of 2 Camella Baliwag Phase 7 Date issued_JUN 0 8~2022 CTE NO. O 2 022

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 Baliwag Phase 7 -- Brgy. Pagala, Batiwag, Bulacan consisting of 350 house and lot units used solely for family home or dwelling purposes located at Brgy. Pagala, Baliwag, Bulacan. Such exemption shall not cover revenues from units with selling price Heeding P by Provisional License to Sel. No. house and lot. hall not be sold for more than F I. Moreover, the 350 housing units covered per

2 The enterprise shall observe the following project timetabte:

Site Preparation and Development Building/House Construction Start of Commerciai Operations Total Project Cost Milestone December 2019 -- December. 2025 February 2020 --December 2025 Investment Cost and Schedule. October 2021

3. In the computation of the project's ITH, interest income from in-house financing shall not be

considered as part of th- revenues generated from the registered housing project.

4. The Company's c.ititlement 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.

Pursuant to Section 4 of Republic Act (RA) No. 1 7083, 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. as amended, using the electronic system for filing and pay'ment of taxes of the BIR. It shall file with BOI a complete 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 No. 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September . 2016.

6.The Company shall be constituted as a withholding agent for the government if it acts as employer

and any of its employees rece:ved compensatior income subject to compensation withholding tax. or if it makes payments to in.:ividuais or corporations subject to the withholding taxes as source as required under Chapter XIII and Section 57 of the Tax Code of 1997. as amended, and implemented by'RR No. 2-98, as amended.

The Company is required to file on or before the 15t day of the fourth month following 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.

X Finally, the Company's books of accounts and other pertinent records shall be subject to periodic examination by revenue enforcement office-: of this Bureau for the purpose of ascertaining whether

it is complying with the conditions under w .- : it has been granted tax exemption or tax incentives and its tax liability, if any, pursuant to Section 2.35 of the Tax Code of 1997, as amended.

3 An Act Enhancing Transparency in the Management and Accountirig of Tax Incentives Administered by Investment

Promotion Agencies.