BIR Ruling No. 481-2021

REPUBLIC OF THEPHILirPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City Certificate of Tax Exemption No: 5 t -ZaZl CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN: This certifies that SERVEQUEST PROPERTIES CORPORATION,with Taxpayer Identification Number ), is exempt from income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project,Cabanatiian East,consisting of546 house and lot units used solely for family home or dwelling purposes, located at Brgy. Kalikid Sur, Cabanatuan City, Nueva Ecija, a project duly registered with the Board of Investments(BOI) under Certificate of Registration No. dated December 3, 2019, for a period of4 years beginning from January]01, 2020 to December 31,2023, pursuant to Executive Order(EG)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. Moreover, the sale by the Company of residential lot valued at PI,919,500.00 and below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is VAT-exempt under Section I09(1)(P) of the National Internal Revenue Code of 1997 (Tax Code), as amended. Provided, however, that beginning January 1, 2021, the VAT exemption shall only apply to sale of house and lot and other residential dwellings' with selling price of not more than P3,199,200.00^. However, the sale of house and lot units in excess of the 546 house and lot units registered with the BOI(per License to Sell No. the excess is 25 house and lot units), including those units used for commercial purposes such as leasing, retail stores, offices, etc., is not covered by this Certificate of Tax Exemption and shall be subject to the payment of applicable taxes under the Tax Code,as amended. The grant of tax exemption herein is subject to the compliance with the provisions of 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. This Certificate of Tax Exemption is being issued on the basis of the facts and 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. | Issued this day of DEC 2 CAESAR R.DULAV Commissioner ofulntcrnal Revenue K-l-JAC 'Sale oflot only,regardless ofthe price,shall be subject to VAT starting January 01,2021 pursuant to RA No. 10963. ^ As adjusted using the 2010 Consumer Price Index values pursuant to RR No. 8-2021 dated June 11,2021.