BIR Ruling No. 651-2020

REPUBLIC OF THE PHILIPPINES

BUREAU OFQINTERNAL REVENUE DEPARTMENT OF FINANCE

Certificate of Tax Exemntion No: P01LI-0651-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that RAEMULAN LANDS, INC. with Taxpayers Identification Number

(BOI) under Registration No. is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant income received. directly. .in connection with its economic and low-cost housing project, Timalan and Sabang, Naic, Cavite, a project duly registered with the Board of Investments .to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. PAGSIBOL VILLAGE SOUTHBrgys.Timalan and SabangNaic,Cavite,consisting of 1,168 house and lot units used solely for family home or dwelling purposes, located at Brgys. beginning from September 2020 or actual start of commercial operations/selling, whichever (TIN) , is exempt from income tax and creditable withholding tax on its .dated September 10, 2020, for a period of 3 years

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 amended. Provided, however, that beginning January 01,2021, the VAT exemption shall only Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

than P2,000,000.00. apply to sale of house and lot and other residential dwellingst with selling. price of not more

appropriate taxes under the National Internal Revenue Code of 1997, as amended. registered with the BOI, if any, including those house and lot units used forcommercial purposes such as leasing, retail. stores, offices, etc. shall be subject to.the payment of However, the sale of-house and lot units in excess of the 1,168 house and lot units

The Company is liable, however, for all.other applicable taxes not discussed above. applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. 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 ofDEC20

ae3iw X

Commissioner of Internal Revenue CAESAR R.DULAY

K-1-MDT 038152

ISale of lot only, regardless of the price, shall be subject to VAT starting January O1,2021 pursuant to RA No. 10963.