BIR Ruling No. 600-2017

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City

Certificata of Tax_Exemption No: 0-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

of commercial operations/selling, whichever is eariier, but in no case earlicr than the date of (RR) No. 2-98. as amended. its income received directly in connection with its economic and low-cost housing project. a project duly registered with the Board of investments (BOI) under Registration No. registration of the project with the BOI. pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Reguiations Number (TIN) Camella Ozamiz -- Labo, Ozamiz City, consisting of 191 units located at Labo. Ozamiz City dated March 15, 2017, for a period of 4 years beginning from March 2017 or actual start This certifies that COMMUNITIES CAGAYAN, INC., with Tax Identification is exempt from income tax and creditable withholding tax on

amended. 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 National Internal Revenue Code of 1997. as Moreover, the sale by the Company of residential lot valued at P1,919.500.00 and

of appropriate taxes under the National Internal Revenue Code of 1997. as amended. However, the sale of units in excess of 191 housing units shall be subject to the payment

applicabie BIR rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liabie. 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. This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of DEC 1 4 2017

K -: Commissioner of Internal Revenue CAESAR R. DULAY 011712

{Camella Ozamiz} COMMUNITIES CAGA YAN, INC. Date issued 12-74-2017 CTE No. 600-2017

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 Ozamiz - Labo, Ozamiz revenues from units with selling price exceeding P3,000,000.00. Moreover. the 191 housing units covered by License to Sell No. City, consisting of 191 units, located at Labo. Ozamiz City. Such exemption shall not cover house & lot. shall not be soid for more than P I ,700.000.00 per

2 The Company is obligated to construct and sell 191 housing units based on the following schedules/sales revenues:

Year 2 3 (No. of Units) Volume 1 00 45 (Php 000) Value

Total 1 1

3 in the computation of the project's ITH, interest income from in-house financing shall not be considered as part of the revenues generated fron the registered housing project. 4 The Company's entitlement to ITH for its BOI-registered housing project is subject to the compliance w ith the provisions of the Specific Terms and Conditions of its BOI Registration. S Pursuant to Section 4 of Republic Act (RA) No. 10708', the Company is required to file its tax returns and pay its tax liabilities, on or before the deadline as provided under the National Internal Revenue Code of 1997, as amended, using the electronic system for filing and payment 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 E.O. 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September t, 2016.

The Company shall be constituted as a withholding agent for the government if it acts as No. 2-98, as amended. withholding taxes as source as required under Chapter Xlll and Section 57 of the National internal Revenue Code of 1997, as amended, and implemented by Revenue Regulations (RR) employer and any of its employees received compensation income subject to compensation withhoiding tax, or if it makes payments to individuals or corporations subject to the

7. The Company is required to file on or before the I5th day of the fourth month following the taxable year. 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

8. Finally, the Company's books of accounts and other pertinent records shall be subject to periodic examination by revenue enforcement officers of this Bureau for the purpose of exemption or tax incentives and its tax liability, if any, pursuant to Section 235 of the Nationat Internal Revenue Code of 1997. as amended. ascertaining whether it is complying with the conditions under which it has been granted tax

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

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