BIR Ruling No. 316-2017

BUREAU OF INTERNAL REVENUE REPUBLICOF THE PHILIPPINES DEPARTMENT OF FINANCE

Certificate of Tax Exemption No. 316m2017

CERTIFICATE OF TAXEXEMPTON

issued to

INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC,INC. 26/F Ayala Life-FGU Ctr., Ayala Avenue, Makati City SEC Company Reg. No. TIN

on the following revenues or receipts: and has proven by actual operation that its primary purpose falls under Section 30(F) of the National Internal Revenue Code of 1997, as amended. It is exempt from INCOME TAX only This certifies that the above-named corporation is a non-stock, non-profit corporation

1. 2 Member's contribution. Annual Dues;

nothing follows

liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an subject to the provisions of applicable BIR rules and regulations and the tax exemptions. integral part hereof. It is liable, however, to all other taxes not enumerated above.

of BIR, or the terms and conditions herein set forth. earlier revoked by this Office for violation of any provisions of applicable rules and regulations This certification shall be valid for three (3) years from the date of issuance unless

Certificate shall be deemed a revocation thereof upon the expiration of the three (3)-year provided under Revenue Memorandum Order (RMO) No. 20-2013. Failure to renew this period. This Certificate may be renewed upon filing of a subsequent application for revalidation

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 ofJUN 1 4 2017

1eura

K-1-JRC Commissioner of Internal Revenue CAESAR R.DULAY 007121

INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC. INC Page 2 of 3 CTE No Date issued 6-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AVO CONDITIONS

TAX EXEMPTION

1) INCOME TAX. INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC, INC. iS Only herein, the association/corporation/ organization must continue to meet the requirements set forth under Revenue Memorandum Order No. 20-2013. exempt from the payment of income tax on revenues and receipts enumerated on the Certificate of Tax Exemption. Moreover. to be entitled to the tax exemptions enumerated

LIABILITY FOR INTERNAL REVENUE TAXES 1) INCOME TAX

under the NIRC on its income derived from any of its properties,real or personal. or any activity conducted for profit regardless of the disposition thereof, which income should be on all its income/receipts/revenues not expressly exempted and stated in the Certificate of returned for taxation. INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC, INC. is subject to income tax Tax Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed

depository bank under the expanded foreign currency deposit system shall be subject to seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section 27(D1) in relation to Sec.57(A) both of the NIRC Likewise, interest income from currerev bark deposits and yield or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided.however, that interest income derived by it from a

income derived from seminar and conference and rent income is subject to 30% It must be noted that INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC,INC.'s pursuant to the last paragraph of See. 30 of the NIRC.

Interest income or yield from investm ents is subject to applicable final withholding tax rates under the pertinent provisions of NIRC.

2) Donations are subject to donor's tax urder Section 99(B) of the NIRC considering that INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC,INC.is not one of the corporations whose income from donations is exempt from donor's tax under Sections 101 2(A)(3) and (B)(2) of the NIRC

3)VALUE ADDED TAX

thereto, in general, it shall be liable for V a T on the revenues derived therefrom. of goods or services in the course of a bsiness pursuit. including transactions incidental If INSURANCE INSTITUTE FOR ASLAND THE PACIFIC,INC.is engaged in the sale

Notwithstanding that it is a non-stock,on-profit corporation, its purchase of goods or VAT pursuant to Secticns 106 and 107 of ihe NIRC properties or services and importation of gooas shall nevertheless be subject to the 12%

INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC INC Page 3 of 3 CTE No. Date issuer 6142017 3162017

4) WITHHOLDING TAX

pursuant to Section 57 of the NIRC.as implernented by Revenue Regulations No.2-98, as it makes income payments to individuals or corporations subject to the withholding tax INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC,INC. shall be constituted as compensation income subject to the withholding tax under Section 79 (A). Chapter XIll. Title II of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended, or if withholding agent for the government if it acts as an employer and its employees receive amended.

TAXPAYER'S DUTIES & RESPONSIBILITIES

1) INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC,INC. is required to file on or this Certificate of Tax Exemption shail be attached to the aforementioned Annual Information Return. before the 15th day of the fourth month following the end of the accounting period a Profit stating its gross income and expenses incurred during the preceding period and a certificate showing that there has not been any change in its By-laws, Articles of Incorporation manner of operation and activities as well as sources and disposition of income. Copy of and Loss Statement and Balance Sheet with the Annual Information Return under oath

2) Under Section 235 of the NIRC.any rcvision of existing general and special law to the tax exemptions or tax incentives, and its tax liabilities, if any. contrary notwithstanding, the books of accounts and other pertinent records of tax-exempt purposes of ascertaining compliance with the conditions under which it has been granted organization or grantees of tax incentives shal be subject to examination by the BIR for

3) Further, it is also reguired under Sectior 6 in relation to Section 237 of the NIRC to issue duly registered receipts or sales or conmercial invoices for each sale or transfer of merchandise or for services rendered which are not directly related to the activities for which the Association is registered.(Revenue Memorandum Circular No. [RMC] No.76- 2003).

4) Finally, it is subject to the payment of registration fee of PhP 500.00 as prescribed in Section 236(B) of the NIRC W